Projects of Common Interest connecting Europe
Introduction
The European Union (EU) has set objectives to achieve a number of energy targets including the reduction of CO2 emissions and raising the share of the EU's energy consumption produced from renewable resources - the 20-20- 20 targets. In order to achieve these and to continue building a fully internal market whilst also bringing renewable energy from where it is generated to where it is needed and providing additional sources of gas, the EU28 need to be sufficiently connected. To upgrade existing and to build new interconnectors, substantial investments are needed and it is estimated that at least €200 billion is required over the next six years.
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On 14 October 2013, the EU Commission presented a list of 248 energy infrastructure projects that are of common interest (Projects of Common Interest (PCIs)), which are intended to be launched between 2014 and 2020. These PCIs will benefit from accelerated permitting through streamlined national processes and may be eligible for up to €5.85 billion of EU funding in aggregate.
We believe that the PCIs represent a significant opportunity for investors, financiers, governments, promoters and contractors on a global scale. In this briefing, we:
- outline the background
- explore what the PCIs are
- highlight some of the key issues
- consider financing and structuring issues
- discuss the regulatory framework
Norton Rose Fulbright has extensive experience advising clients on all aspects of energy infrastructure projects across Europe.
We would welcome the opportunity to discuss this with you in more detail.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
