Greece has officially launched the process for disbursing €21.45 million in public investment support to Energean for a landmark carbon capture and storage (CCS) project in the offshore area of Prinos, near Kavala. The move follows the publication of a ministerial decision in the country’s Government Gazette, activating the first installment of a broader financial package aimed at supporting the development of Greece’s first geological CO₂ storage infrastructure.
The project, with a total budget of €517.6 million, is being carried out by EnEarth Greece, a subsidiary of Energean. It has been included in the European Union-backed Recovery and Resilience Facility, from which it has secured €150 million in approved public funding. This public contribution is intended to cover a portion of the overall investment cost, with the remaining amount to be financed through a combination of private equity and bank loans.
The release of the initial €21.45 million installment is subject to several conditions, including the submission of a detailed implementation timeline, completion of necessary environmental and technical studies, and the formal application for a CO₂ storage permit. Additionally, the project must receive approval from the designated Implementation Authority, which in this case is Greece’s state-owned Hydrocarbon and Energy Resources Management Company (EDEYEP S.A.).
The full amount of public support is expected to be distributed in six phases, aligned with the project's progress and the achievement of specific technical and administrative milestones. As a flagship effort to introduce CCS technology in the region, the Prinos project is seen as a critical step in Greece’s broader energy transition and climate goals. The facility is scheduled for completion by June 30, 2026.
