May 23 (SeeNews) - Slovenian and Croatian power distribution and transmission operators on Monday signed an agreement releasing 40 million euro ($45.1 million) of EU funding for the first phase of their joint Sincro Grid project, the European Commission said.
Sincro Grid, which will receive EU funding as a project of common interest, will enhance the link between the electricity grids of the two countries and boosts the use of renewable energy in the region, the Commission said in a statement.
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The Sincro Grid project will integrate several innovative technologies to ensure that grids have the capacity to efficiently transmit electricity across the border where a virtual cross-border control centre will be set up. The project will also ensure that more energy can be generated by smaller, local power sources and will increase energy storage capacity in the region.
The funding is being made available from the Connecting Europe Facility (CEF). The project will also improve security of energy supply in the region.
The companies involved in the implementation of the project are SODO and ELES from Slovenia, and HOPS and HEP ODS from Croatia.
($=0.887731 euro)