EU Commission launches Mediterranean clean energy platform with up to $5.03 billion (4.5 billion euros) in guarantees

BRUSSELS, Oct 26 — The European Commission launched the T-MED Investment Platform on Oct 26 to mobilise large-scale investment in renewable energy and clean technologies across the Mediterranean, backed by up to $5.03 billion (4.5 billion euros) in EU guarantee capacity.

The guarantee capacity is under the European Fund for Sustainable Development Plus (EFSD+) and is intended to help reduce investment risks and attract private capital, the Commission said. The platform aims to support investments in renewable electricity generation, renewable hydrogen, electricity transmission and distribution networks, energy storage, cross-border interconnections and clean technology manufacturing.

Commissioner for the Mediterranean Dubravka Šuica presented the platform at a stakeholder event in Brussels with financial institutions, private investors and project promoters. "With the T-MED Investment Platform, we are taking the next step in delivering the Pact for the Mediterranean," Šuica said. By 2035, T-MED aims to mobilise up to $28 billion (25 billion euros) in expected investments in renewable energy production, electricity grids, interconnections and clean technologies, according to the Commission.