European Union launches t-MED platform to fund Mediterranean clean energy

The European Commission launched the T-MED investment platform in Brussels to fund renewable energy and clean technologies in the southern Mediterranean.

This platform connects project developers, financial institutions, and investors to facilitate the construction of renewable energy facilities. The initiative covers several sectors, including renewable electricity production, renewable hydrogen, power grids, energy storage, and grid interconnections. The Commission plans to offer up to 4.5 billion euros in regional guarantees through the European Fund for Sustainable Development Plus.

These guarantees aim to lower risks for investors and encourage the use of private capital. The platform also helps project owners navigate regulatory procedures and gain access to electricity networks. The Commission specifically highlighted two 100 MW photovoltaic power plants in Tunisia as examples of private sector participation in the country's electricity sector. These projects received approximately 92 million and 80 million euros in European support, totaling 172 million euros.

These projects include the necessary infrastructure for connecting and transporting electricity. This platform is part of a broader cooperation initiative launched in June 2024 as part of the Pact for the Mediterranean. The initiative aims to mobilize up to 25 billion euros in investments by 2035 for renewable energy and clean technologies. It also seeks to provide training and skills development for workers in these industries.