The €150 million subsidy for Prinos CO2 is “unlocked”

sourge: energeanpress.gr

Prinos CO2 received the "green light" for the granting of investment aid with the first amounts of 21.45 million euros from the Ministry of Economic Affairs and the Ministry of Finance.

A Joint Ministerial Decision posted on the DIAVGEIA website extensively defined the granting procedure as well as the terms of payment of the subsidy, which totals 150 million euros.

As it is known, the project implemented by EnEarth, a subsidiary of Energean, is financed with resources from the Recovery Fund, with its total budget reaching 517.6 million euros, in the first phase, while the total investment will exceed 1 billion euros.

According to the provisions of the Joint Ministerial Decree that is expected to be published in the Official Gazette, the CCS that the company will develop in Prinos must be completed by June 30, 2026, when the allocation of resources from the Recovery Fund ceases. Specifically, a condition for the payment of the aid is that specific milestones of the project are achieved, with the timetable providing that the financing will be paid in 6 installments.

It should be noted, however, that the decision provides for a "loophole", in the event that a new delay occurs due to force majeure, the company will have the opportunity to submit a reasoned request to HEREMA for a new extension. In such a case, the milestones for the payment of the subsidy will be extended accordingly.

In more detail, regarding the first installment of 21.45 million, after the publication of the decision, the way is opened for its payment, as the conditions have already been met, in accordance with the approval provided by HEREMA last April. The second installment of 15 million is to be paid upon completion of the basic design of the drilling and the submission of the relevant studies to HEREMA.

The next step, for the payment of 30 million, will be with the ordering of the necessary equipment to enable the storage of 1 million tons of CO2 in the first phase. Subsequently, upon completion of the studies concerning the land and sea facilities as well as the equipment to be installed in them, EnEarth will receive the fourth installment of 20 million euros. With the start of drilling the first well, another 30 million euros will be paid and finally, with the completion of drilling the remaining wells, the remaining 33.6 million euros will be paid.

source: energeanpress.gr