The EU auction for cross-border solar energy was largely oversubscribed

The first call for bids under the European Union's new €40 million ($41.8 million) multilateral solar program - targeting projects from 5 MW to 100 MW in Finland and supplying energy to Luxembourg - was recently reported as "oversubscribed" by the European Commission's Directorate-General for Energy, as bids significantly exceeded the target volume.

The European Commission's cross-border solar auction in Finland was oversubscribed, with bids exceeding the target volumes, indicating strong competition for the available budget. The tender aimed to develop large-scale PV projects in Finland and provide Luxembourg access to renewable energy, with Luxembourg contributing €40 million and Finland hosting the projects. The European Climate, Infrastructure and Environment Executive Agency (CINEA) will evaluate project eligibility based on price and award contracts accordingly, with selected developers expected to have their solar projects online within 24 months from signing a grant agreement by January next year.

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The EU auction for cross-border solar energy was largely oversubscribed