Modernisation Fund

Over the last few weeks, STREAM has been involved in the development of 27 projects, representing a total investment of approximately €500 million, in some of the most important technological areas for the future of the energy system and industry, namely:

• Energy Storage Systems (#BESS)
• Renewable gas production (#biomethane #hydrogen #CO2 #CCU #CCS)
• Decarbonisation of industry
• Production and use of renewable heat in industrial processes, including high-efficiency cogeneration, mechanical vapour compression systems and heat recovery

This technological diversity brought challenges, both from a technical point of view and in terms of the regulatory and financial framework, reinforcing the importance of an integrated approach from the early stages of projects. One of the main critical success factors in accessing the Modernisation Fund was the quality and technical maturity of the applications submitted. In this area, STREAM played a central role, acting as a link between technology, energy, the European regulatory framework and the economic viability of investments. This work ensured that each project presented technically sound, coherent and feasible solutions, in line with the eligibility, maturity and impact criteria required by the Fund. In several cases, STREAM was called upon to technically structure projects still in their embryonic stages, supporting developers and partners who recognised that they did not fully master the technical and procedural requirements involved. The intervention included defining the energy concept, integrating thermal and electrical systems, ex-ante assessment of energy and environmental performance, and preparing robust technical documentation for evaluation and audit purposes. Our intervention accelerated the maturation of projects and reduced critical uncertainties at a crucial stage.

At a time when financing mechanisms demand ever greater technical rigour and maturity from projects, engineering plays a decisive role, not only in supporting implementation, but also as a determining factor in eligibility and success in accessing European funding. STREAM will continue to focus on an approach based on knowledge, technical rigour and long-term vision, actively contributing to the modernisation of industry and the acceleration of the energy transition.

In addition, STREAM supports the comprehensive, ground-up design of highly complex energy systems, including pioneering projects at national level, such as the first ORC (Organic Rankine Cycle) power plant to be installed in mainland Portugal, whose energy concept, technical design and engineering details were developed entirely by STREAM's Energy Department, in close collaboration with the project promoter and the suppliers of the various types of equipment.

Example projects – Industry

A particularly illustrative example of STREAM’s role concerns a set of industrial projects developed in different sectors, yet facing common challenges in terms of energy, environmental performance and regulatory compliance. In both cases, these are processes with high thermal and electrical energy intensity, offering significant potential for modernisation, consumption reduction and greenhouse gas emissions mitigation, and therefore requiring an integrated approach from the very early design stages.

In an agro-industrial context, STREAM was responsible for developing the energy concept and carrying out the technical design of a production unit, based on strategic and operational objectives defined by the project promoter. The intervention focused on a detailed characterisation of the facility’s energy profile, an assessment of the existing processes and the identification of energy efficiency and thermal integration solutions, enabling the structuring of a technically robust, feasible project aligned with the eligibility and impact requirements of the Modernisation Fund.

In parallel, and within a different industrial context, a combined heat and power project was developed based on a high-efficiency cogeneration plant, using a superheated steam cycle, with energy recovery from biomass and waste streams and direct integration into industrial processes and environmental infrastructure. This project involved defining the overall energy concept, sizing the thermal and electrical systems, integrating thermal drying processes, and maximising the utilisation of the energy produced for self-consumption and supply to adjacent infrastructures.

Across both cases, STREAM’s intervention included:

• Energy characterisation for the reference year and definition of the post-project scenario;
• Technical analysis of industrial processes and identification of energy efficiency opportunities;
• Development of energy balances and quantification of consumption reductions;
• Demonstration of greenhouse gas emissions reductions;
• Assessment of the regulatory framework and applicable permitting requirements;
• Economic and financial feasibility analysis of the investments;
• Verification of compliance with the DNSH (Do No Significant Harm) principle;
• Technical structuring of funding applications and compliance with the Modernisation Fund criteria;
• Optimisation of the financing structure and maximisation of eligible funding.

These projects highlight STREAM’s ability to act as an integrative link between engineering, energy, regulatory frameworks and economic viability, positioning engineering not merely as execution support, but as a decisive factor for eligibility, project maturity and success in accessing European funding, thereby contributing concretely to industrial modernisation and the acceleration of the energy transition.