Approved as EU Project of Common Interest (PCI)
We are among the 106 most important electricity infrastructure projects in Europe, among which we are one of only 15 Storage PCI projects with the majority of these being pumped hydro. Ours is the only viable CAES project giving Storelectric a unique position in Europe.
Storelectric’s first project has been accepted both as a European Project of Common Interest and on the Ten Year Network Development Plan (TYNDP) of the European Network Transmission Service Operators – Electricity (ENTSO-E) organisation set up by the European Commission. This means that Storelectric are officially recognised as important infrastructure at a continental scale. The accepted project is CARES (Compressed Air Renewable Energy Storage), item 1.12.3 on the “third PCI list“, see page 5, accessible through their website.
Storelectric is applying for funding from the €26bn Connecting Europe Facility, which helps gain access to other EU funding, and provides access to a single point of contact with a maximum 3.5 year period for all permits in any member state. Up to 75% funding is available with the current application for the 540MW CARES project due in by October 10th 2018. This particular call will be decided before Brexit and as such will be guaranteed by the UK government.
Projects of Common Interest are managed by the European Commission under TEN-E regulations.
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