Minesto has been selected by the EIB for project development assistance with a focus on investment attractiveness, targeting the first tidal farm of 10 MW as part of a larger build-out in a selected EU market, adding the first EU site to the commercial opportunities being pursued in the Faroe Islands and North Wales. The PDA program of the EIB is funded by the European Commission with the purpose to increase investment attractiveness of the top tier of innovative decarbonization projects in the EU suitable for the Clean Industrial Deal that consists of a range of funding mechanisms, including the Innovation Fund. On an annual basis, a limited number of projects are offered PDA support across industries and sectors within EU.

The EIB advisory to Minesto will include capital structuring and financial modelling to facilitate fundraising. Minesto will utilize the advisory support to target financial closure of a Minesto Dragon Farm—a first-of-a-kind tidal energy array at a selected site within the EU. The Dragon Farm is anticipated as Minesto’s first project within the EU, building on years of experience from site development and tidal energy production in the Faroe Islands and in Wales.

“Being selected by renewable energy and investment experts at EIB for close collaboration on capitalization of a new Dragon Farm in the EU is of significant value to Minesto. This new project will be added as a distinct investment opportunity in parallel with the Faroe Islands build-out, creating clear synergies between the initiatives and significantly increasing the short-term expansion opportunity for our world-leading tidal technology,” said Dr. Martin Edlund, CEO of Minesto.