The European Commission has launched the T-MED Investment Platform, offering up to €4.5 billion in EU guarantees to support renewable energy and clean technology projects across the Mediterranean.
The platform is part of the Trans-Mediterranean Renewable Energy and Clean Tech Cooperation Initiative (T-MED), which sits under the Commission’s Pact for the Mediterranean, the Commission informed on Monday.
Commissioner for the Mediterranean Dubravka Šuica presented the platform at a stakeholder event in Brussels attended by European and international financial institutions, private investors and project promoters.
EU support will include up to €4.5 billion in guarantee capacity under the European Fund for Sustainable Development Plus (EFSD+) — a programme that provides guarantees to help crowd in investment — the Commission said.
It added that the platform is designed to link project promoters with potential financing and support the rollout of renewable energy and clean technology projects.
The Commission pointed out that the platform will target investment in renewable electricity generation, renewable hydrogen, electricity networks, energy storage, cross-border interconnections and clean technology manufacturing.
Projects highlighted in Egypt and Tunisia
In Egypt, T-MED is enabling the modernisation and expansion of the national electricity grid with a total investment value of €1.6 billion, including new substations and transmission lines intended to connect solar and wind power from the Red Sea and Gulf of Suez regions, the Commission said.
A green ammonia project in Ain Sokhna, Egypt, backed through T-MED is valued at €575 million and uses a European electrolyser, with the ammonia exported to the EU market.
Electrolysers use electricity to split water into hydrogen and oxygen, producing hydrogen that can be used to make ammonia.
The Commission also cited EU-guaranteed support for a hybrid solar photovoltaic project in Egypt worth around €430 million, and said the Niat and Rasgha Wind Projects in Egypt will add 500 MW of onshore wind capacity in the Gulf of Suez.
In Tunisia, T-MED is supporting the construction of two 100 MW solar photovoltaic plants and related transmission infrastructure, with EU support of about €92 million and €80 million respectively.
By 2035, T-MED aims to mobilise up to €25 billion in expected investments in renewable energy production, electricity grids, interconnections and clean technologies, alongside training and upskilling up to 10,000 workers.
