Disbursement of revenues and use of non-disbursed revenues
Article 11
1. Member States shall disburse the revenues to project sponsors on the basis of legally binding instruments which shall set out at least the following: (a) the project and the awarded funding in euro; (b) the date of entry into operation; (c) the requirements for knowledge-sharing pursuant to Article 12; (d) requirements regarding disbursement of the revenues pursuant to paragraphs 2 to 6 of this Article; (e) requirements for reporting pursuant to Article 13; (f) the information on conditions of applicability of the decision referred to in Article 9. For the first round of calls for proposals referred to in Article 5(1), the date of entry into operation referred to in point (b) of the first subparagraph of this paragraph shall be 31 December 2015 at the latest except where the respective award decision is adopted after 31 December 2011, in which case the date of entry into operation shall be no later than 4 years from the date of the award decision. 2. Disbursement shall take place annually. The disbursed amount shall be, for CCS demonstration projects, the amount of CO 2 stored in the relevant year as monitored, reported and verified pursuant to Articles 14 and 15 of Directive 2003/87/EC multiplied by the funding rate, and for RES demonstration projects, the amount of energy produced multiplied by the funding rate. The funding rate shall be calculated by dividing the awarded funding by 75 % of the projected total amount of stored CO 2 in the first 10 years of operation in case of CCS demonstration projects, or 75 % of the projected total amount of energy produced in the first 5 years of operation in the case of RES demonstration projects. 3. Disbursement for a given year shall take place only where the knowledge-sharing requirements are met for that year. 4. Disbursement shall be limited to a period of 10 years from the date referred to in paragraph (1)(b) in the case of CCS demonstration projects, and to a period of 5 years from that date in the case of RES demonstration projects. The total funds disbursed shall not exceed the awarded funding referred to in paragraph 1(a). 5. Where the Member State concerned guarantees that any funding which exceeds the funding determined pursuant to paragraphs 2, 3, and 4 will be returned to the EIB, part or all of the funding for a project may be disbursed prior to the entry into operation of that project in accordance with specifications set out in the award decision. 6. Without prejudice to the second paragraph of Article 4, revenues which are not disbursed to projects and income generated from the management of revenues shall be used to co-finance further demonstration projects under this Decision until 31 December 2015. Member States shall return revenues which are not disbursed to the EIB. After 31 December 2015, any remaining funds shall accrue to the Member States. At the end of disbursement, these funds shall be passed on to the Member States in accordance with the principles laid down in Article 10a(7) of Directive 2003/87/EC.