The Finnish government is considering applications for several new large-scale energy demonstration projects worth $1.5 billion, according to Reuters.
The Ministry of Economic Affairs and Employment of Finland will reportedly allocate a total of €40 million ($45 million) to co-fund some of the projects.
Fifteen companies have reportedly applied for the financing to date. Six of the projects look to replace coal and fossil fuels in urban areas, four are biorefinery projects, and five are related to new energy technology.
Only projects with investment costs exceeding €5 million ($5.6 million) will be considered, and they must meet national and E.U. energy and climate objectives.
The ministry will select the projects in November based on several parameters, including technological innovation, feasibility, the amount of energy produced and cost-effectiveness.
