The European Commission has launched the T-MED Investment Platform, the financing arm of the Trans-Mediterranean Renewable Energy and Clean Tech Cooperation Initiative under the Pact for the Mediterranean. The platform will match project promoters with financial institutions and investors, support permitting, grid access and power purchase agreements, and carry EU support that includes up to €4.5 billion in guarantee capacity under the European Fund for Sustainable Development Plus. Commissioner for the Mediterranean Dubravka Šuica presented it in Brussels to financial institutions, investors and promoters, and the Commission said T-MED aims to mobilise up to €25 billion of investment by 2035 across renewable generation, hydrogen, transmission and distribution networks, storage, cross-border interconnections and clean technology manufacturing.
The projects the Commission named are concentrated in Egypt and Tunisia: a €1.6 billion modernisation of Egypt’s national grid, the €575 million Ain Sokhna green ammonia project, a hybrid solar project of about €430 million, 500 megawatts of Gulf of Suez wind at Niat and Rasgha, and two 100 megawatt solar plants in Tunisia with EU support of about €92 million and €80 million.