CO2 storage facility at Prinos in implementation course

Energean subsidiary Enearth has submitted an application for new European financing of the underground carbon dioxide storage at Prinos, northern Greece, a project it is developing with a budget of over 1.1 billion euros.

A European Commission decision last week ensured funds of €150 million, under the Recovery and Resilience Fund, which will partially finance the construction costs of the onshore and offshore infrastructure to create the underground repository.

This funding supports the first phase of the project to build a storage capacity of 1 million tons of carbon dioxide per year. In the second phase, expanding the capacity to 3 million tons per year is planned, for which a financing application for another €150 million from the Connecting Europe Facility was recently submitted.

Carbon dioxide emitted by large industries in Greece and the wider region will be channeled into the underground storage, for reasons of environmental protection but also to avoid the costs involved in the emission of greenhouse gases in the EU.

Enearth has already signed non-binding memoranda of understanding with 10 industrial companies that emit significant amounts of CO2.