Money from Sale of Carbon Credits to Be Invested into Wind
Published: 29.10.2010 12:10
Photo: Postimees/Scanpix
The Ministry of Economic Affairs and Communications is allocating close to 22.4 million euros under a brand-new measure for construction of new wind farms.
Assistance will be available for investments into wind farm technology, construction, and turbine installation and configuration.
Wind energy producers that receive the investment support are not eligible for renewable energy subsidies payable under the Electrical Markets Act. Thus the price of electricity will not rise as a result, said economics minister Juhan Parts.
The program will be implemented by the Environmental Investments Centre. The deadline for applications is 11 January 2011, and the funds for the investments will come from the proceeds of the sale of Estonia's carbon credits to Spain.
The budget of the scheme agreed with Spain allows an additional 27 megawatts worth of wind turbines to be installed. Currently wind farms have a capacity of 150 megawatts in Estonia.
Renewable energy in Estonia will account for close to 10 percent of gross consumption this year; the plan is to reach 15 percent by 2020.