Sweden's Minesto 10 MW Tidal Power Project in Ireland Qualifies for €20.2 Million Funding

en.Wedoany.com Reported - On October 19, Swedish marine energy company Minesto announced that its planned Euro Dragon Farm tidal energy project in Ireland has been selected for the European Union Innovation Fund funding list and is set to receive €20.2 million in financial support. The project has a planned installed capacity of 10 MW, with the funding amount covering 60% of the required investment. It has now entered the grant agreement preparation stage and is scheduled to complete the agreement signing process with the European Climate, Infrastructure and Environment Executive Agency in the first quarter of 2027.

The Euro Dragon Farm is planned for deployment in Irish coastal waters, using Minesto's underwater kite tidal power technology to build a tidal energy array composed of multiple power generation units, with a designed grid-connected output capacity of up to 10 MW. The technology was developed for low-flow-velocity tidal waters and uses lightweight underwater power generation equipment. The project scope includes the deployment of the tidal power array and the system for delivering electricity to the grid.

In January 2026, the European Investment Bank included Minesto's planned first 10 MW tidal energy array in the EU under its project development assistance program, providing support for capital structure design, financial modeling and financing advisory, with a capital-raising target of €25 million set at that time. Following the successful selection under the EU Innovation Fund, project development has entered the grant agreement preparation procedure.