The funding for renewable energy and CCS is financed by the European Commission, the European Investment Bank (EIB) and Member States.

The €4-5 billion NER will co-fund at least 34 renewable energy and 8 CCS projects across the EU as part of a competitive process from projects put forward by Member States.

Each state can be awarded up to three projects where NER funding could co-fund up to 50% of the eligible costs of a renewable energy or CCS project.

Chris Bronsdon, CEO of the Scottish European Green Energy Centre (SEGEC), says: “This announcement has been eagerly anticipated by business and is vital in taking forward truly innovative projects that can make significant contributions to the generation of clean, emission free, and renewable energy in Scotland.

“New technologies often struggle to gain sufficient investment to overcome the transition from demonstration (research and development) to deployment and full scale commercial operations.

“In areas such as CCS or marine energy the capital expenditure requirements can be considerable and often beyond the reach, or even the balance sheet, of the groups that have the knowledge and ability to deliver.”