The ocean power industry receives a decisive financial boost through a strategic partnership between the European Investment Bank (EIB) and the Swedish firm Minesto. The company has been selected to receive comprehensive advice under the Project Development Assistance (PDA) program.
This European Commission-funded initiative seeks to strengthen innovative renewable assets. This technical support focuses on the deployment of the Dragon Farm, a 10 MW facility designed to efficiently harness ocean currents.
Technical expansion at the new community tidal farm
First, the EIB’s advice is aimed at improving capital structuring to raise EUR 25 million in investments. The technology used by Minesto uses an underwater kite system to generate clean electricity in a constant and predictable manner.
This scheme of work makes it easier for the financial model to meet the quality standards required by the major international funds within the framework of the Clean Industrial Pact.
European operational experience and strategic validation
The company’s operational track record in locations such as the Faroe Islands and Wales provides the technical basis for this new project in EU waters. The PDA program annually selects a limited number of initiatives based on their industrial decarbonization potential.
The integration of this specialized knowledge allows Dragon Farm to Dragon Farm to position itself as a reference in the transition to independent and sustainable energy sources.
Strengthening regional energy autonomy
Finally, direct cooperation between the financial experts and the development team will expedite the financial closure of the infrastructure. The consolidation of this tidal park tidal park places the region in a position of technical authority with respect to the use of marine resources.
The development of the Dragon Farm constitutes a tangible advance in the European energy architecture and ensures robust and competitive tidal energy production.
Source and photo: Minesto