Wedoany.com Report on Feb 5th, The European Investment Bank (EIB) recently announced that it will provide support through its Project Development Assistance (PDA) scheme for Minesto's 10 MW tidal energy project to assist the company in achieving its financing goals. Named "Dragon's Lair," the project is planned to be constructed at a site within the European Union and represents Minesto's first tidal energy array project in the EU region.

Funded by the European Commission, the PDA scheme aims to provide free financial advisory services to selected projects in the renewable energy sector to enhance their investment attractiveness. Minesto, having secured support through a supplementary selection process for this scheme, will leverage the EIB's advisory services to optimize its investment plan, with the goal of raising 25 million euros to achieve financial close for the project.

The EIB's support will focus on capital structure design and financial modeling to enhance the funding appeal of this tidal energy project. Advisory services have commenced immediately and will assist Minesto in advancing the construction of the EU's first such tidal energy array, building on its experience in site development and tidal energy production accumulated in the Faroe Islands and Wales.

Martin Edlund, CEO of Minesto, stated: "It is of significant value to Minesto to have been selected by the EIB's renewable energy and investment experts for close collaboration on capitalizing the new EU 'Dragon's Lair' project. This new project will proceed as an independent investment opportunity, parallel to the construction project in the Faroe Islands, thereby creating clear synergies between the plans and significantly enhancing the short-term expansion opportunities for our tidal technology."

The EIB's PDA scheme supports only a limited number of projects across various sectors in the EU each year. These projects must align with the framework of the Clean Industrial Deal and be suitable for financing mechanisms such as the Innovation Fund. The scheme aims to improve the investment quality of innovative decarbonization projects. As one of these projects, Minesto's tidal energy initiative will benefit from professional financial guidance, accelerating its renewable energy deployment within the EU.