HELSINKI, June 13 (Xinhua) -- Seven solar park projects in Finland have been granted a total of 27.5 million euros (29.5 million U.S. dollars) of aid from Luxembourg through the European Union's Renewable Energy Financing Mechanism (RENEWFM), according to Finnish Ministry of Economic Affairs and Employment on Thursday.
This funding aims to support the construction of seven solar park projects across Finland, enhancing the nation's renewable energy infrastructure and contributing to Luxembourg's renewable energy targets, said the ministry.
Luxembourg, functioning as a "contributing country" under RENEWFM, will receive 80 percent of the renewable energy production from these projects for 15 years via statistical transfers. Finland, as the "hosting country," will oversee the projects' implementation and benefit from the energy generated, aligning with both nations' legislative frameworks.
The agreement on participation in RENEWFM signed by Finland and Luxembourg at the end of February 2023 was the first of its kind in the European Union.
