The European Union has launched an investment platform to expand renewable energy, clean technology manufacturing and electricity networks across the Mediterranean region.
The Trans-Mediterranean Renewable Energy and Clean Tech Cooperation (T-MED) will aim to mobilise €25 billion (US$28.9 billion) in investments by 2035 and seek to contribute to the development of 15GW of renewable energy capacity.
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The European Commission has made €5 billion available in guarantee capacity, which it said “will help unlock public and private investment in sectors covered by T-MED.”
T-MED is seeking proposals for investment in renewables and clean tech projects in north Africa and the eastern Mediterranean.
The initiative is part of the Commission’s efforts to both expand renewable energy generation across the EU and enhance the EU’s energy security through connections beyond its borders. In its announcement, the Commission said T-MED was intended to “strengthen energy cooperation across the Mediterranean …enhance energy security, reinforce competitiveness, support decarbonisation and contribute to the region’s long-term prosperity and stability.”
It will include facilities to mobilise private sector investment and regulatory cooperation between countries across the region; facilitate workforce development and modern electricity grids; and promote cross-border trading and support local manufacturing projects.
“The current energy crisis underscores how energy security cannot only rely on diversifying fossil fuel imports. We must move towards electrified energy systems based on clean energy, strong interconnections and efficient networks,” said Dan Jørgensen, EU commissioner for energy and housing.
“The Mediterranean region holds vast untapped renewable potential—2,300GW, representing over twice the EU’s current capacity—with solar and wind costs 30-40% lower than in Europe,” added Dubravka Šuica, commissioner for the Mediterranean. “Yet many Mediterranean countries remain heavily dependent on fossil fuels, leaving them exposed to price shocks, geopolitical tensions, and lagging climate goals.”
Šuica continued: “At a time of geopolitical uncertainty, growing energy demand and increasing climate pressures, unlocking this potential is in the shared interest of both the EU and its southern Mediterranean partners.”
As of May, data from SolarPower Europe shows that solar PV generation has saved the EU €10 billion in gas imports since the outbreak of war in Iran.
The Commission has issued a call for expressions of interest for private sector investments in renewable energy and clean technology projects in the region. The call prioritises solar and wind power development; smart grids, energy storage and interconnectors; manufacturing proposals for solar modules, wind turbines and hydrogen fuel cells; and hydrogen infrastructure projects.
