Minesto, the Swedish marine energy developer, has been selected as the recipient of a €20.2 million grant from the European Commission for its 10 megawatt tidal farm project in Ireland.
Grant Agreement Preparation Phase
Minesto has now entered the grant agreement preparation (GAP) phase, which will cover 60% of the investment needed for the proposed Euro Dragon Farm. The grant agreement will be signed with the European Climate, Infrastructure and Environment Executive Agency (CINEA), and this process is expected to be finalized in the first quarter of 2027.
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A Milestone in Minesto's History
Martin Edlund, CEO of Minesto, stated: "Our selection for this €20.2 million grant for our recent development project, the Euro Dragon farms, marks the most significant commercial milestone in Minesto's history to date. The competitiveness of the Dragon technology, the investment appeal of the Dragon farms, and the feasibility of our project have been well assessed and led to Minesto being chosen to advance the commercial construction of the tidal energy sector in Europe."
The Euro Dragon farms, located in the coastal waters of Ireland, will be the first tidal energy project of Dragon farms in the European Union. This grant is part of a broader funding program in which the European Commission has selected 77 European net-zero carbon technology projects for financial support worth €3.4 billion.
The Commission estimates that these projects have significant potential for substantial reductions in greenhouse gas emissions and could reduce approximately 290 million tons of these emissions in their first decade of operation. This is equivalent to a reduction of about one ton of CO2 every second for a decade.
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