25 million for innovative energy transition proposals in the Canary Islands

The Ministry for Ecological Transition and the Demographic Challenge has opened a procedure, a manifestation of interest, to gather innovative proposals on energy transition in the Canary Islands, to which it will allocate a budget of 25 million euros, as reported in a statement.

Minister Teresa Ribera announced this process at the recent presentation of the Sustainable Energy Plan in the Canary Islands, in which ideas are sought to eliminate the barriers that hinder the penetration of renewable energies in the islands and allow a response to the needs of the archipelago's energy system.

The 25 million will be allocated to projects proposed by citizens, companies or administrations and to investments in emerging companies, business financing or equity investment in new initiatives.

The objective is to complete the development and design of actions that lead to the definition of new business models in the field of energy, as well as innovative initiatives or unique or multi-technological projects and pilot experiences that have an R&D&I component and are related to innovative energy technologies: storage, renewable hydrogen, geothermal or marine renewable energies.

Participation in this expression of interest is not a prior criterion or a requirement for access to future aid or any other means of support that may be convened by the administration.

The Sustainable Energy Strategy in the Canary Islands, endowed with almost 467 million euros from the Recovery, Transformation and Resilience Plan (PRTR) for the execution of the Next Generation EU funds, opens "an extraordinary opportunity" for the islands and will allow, not only the overcoming of the crisis and the recovery of employment, but also the modernization of its economy so that this recovery is green, digital, inclusive and social, the Ministry argues.