EU approves pound 200 million subsidies to boost Germany’s offshore energy hub

BRUSSELS: The European Commission approved on Tuesday German state aid worth pound 200 million (US$221 million) to build additional berths in the port of Cuxhaven to strengthen its offshore industry capacities, the German news agency (dpa) reported. The new docking sites, off Germany's North Sea coast, are to improve the handling of heavy-duty loads, including wind farm components, in the northern German city, according to a press release. The new infrastructure will also help Germany reach its renewable energy targets and improve the security of supply, the European Commission (EU) said. The pound 200 million in grants are to be complemented by an additional investment of pound 100 million by the state-owned port authority NPorts. The new terminal is expected to be operational in 2028. State aid is strictly regulated in the EU, but Brussels can allow national governments to financially support economic developments under certain conditions. Source: Emirates News Agency