The European Union (EU) has given the green light to a €150 million (~$163 million) state aid package for Greece ‘s Prinos Carbon Capture and Storage (CCS) project.
This significant investment, led by EnEarth (a subsidiary of Energean), will facilitate the construction of a carbon storage facility offshore Kavala.
The Prinos CCS project aims to capture and store carbon dioxide emissions from both domestic and international industries.
Notably, the EU has recognized the project’s importance by including it in its list of Projects of Common Interest (PCIs).
The €150 million grant, approved through the EU’s Recovery and Resilience Facility (RRF), will cover approximately 90% of the funding gap.
This financial boost will expedite the project’s development, with the first phase targeting the transportation and storage of up to one million metric tons of CO2 annually.
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EnEarth plans to commence the ramp-up phase in 2027, with full operational capacity expected by 2030.
A subsequent expansion phase could increase the storage capacity to 2.5 million tonnes per year. The total estimated cost of the project is around €1 billion.
Several large Greek industries have already secured EU funding through the Innovation Fund to capture and store a combined 4.5 million tons of CO2.
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Additionally, Italy has expressed interest in utilizing the Prinos facility to store its carbon emissions from 2030 onwards.
The final investment decision for the Prinos CCS project is anticipated in the first half of 2025.
While Greece still needs to finalize its CCS regulations and obtain a storage license from the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), the project’s strong demand and political support position it favorably for future development.
