UK quoted company focused in gas storage, InfraStrata plc (INFA) has applied for inclusion in the 4th European Union list of Projects of Common Interest (PCI), defined by the European Commission as “key cross border infrastructure projects that link the energy systems of EU countries."
Advantages of inclusion on the PCIs list include “accelerated planning and permit granting, a single national authority for obtaining permits, improved regulatory conditions, lower administrative costs… and increased visibility to investors,” according to the European Commission.
Additionally, PCIs have access to around €5.35 billion in funding from the EU’s Connecting Europe Facility, a fund meant to boost energy and infrastructure.
InfraStrata has advantaged access to joining this list as it is currently included in the European Network of System Operators for Gas’ Ten Year Network Development Plan (TYNDP). Participation in the TYNDP places InfraStrata in a priority corridor for being granted inclusion on the PCI list.
The moves shows InfraStrata preparing to continue operations as usual in the face of Brexit uncertainty.
CEO John Wood commented, “The support that the European Union has shown in relation to our Islandmagee gas storage project has been fantastic and the fact that we have been invited to apply for inclusion in the next PCI list is testament to the strength of the project, as well as other projects we are evaluating.”
For more news and updates on InfraStrata Plc: