Fred. Olsen Express cancels two projects funded by European aid due to insufficient grant amounts

The Spanish-Norwegian shipping company Fred. Olsen has given up on the grants awarded to develop two energy transition projects in the Canary Islands, considering the funding received to be insufficient to carry them out.

The two projects were included in the Recovery, Transformation and Resilience Plan, funded by European Next Generation EU funds, and were intended to implement renewable generation and energy storage systems at the company's facilities.

According to documentation from the General Directorate of Energy of the Government of the Canary Islands, each of the projects required an investment of around 600,000 euros. However, the regional administration granted 51,521.25 euros for each initiative, amounting to a total aid of 103,042.50 euros, which represents less than 10% of the expected cost.

In light of this situation, Fred. Olsen has decided to withdraw from the grants as it believes it must cover most of the necessary investment to execute both projects with its own resources.

The withdrawal has been processed under the Common Administrative Procedure Law, which allows beneficiaries to withdraw from a grant before its execution. Thus, the Government of the Canary Islands has accepted the shipping company's decision and has concluded both files, releasing the funds that had been allocated.

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