The European Commission’s Directorate-General for Energy published an online statement on Friday trumpeting the news that the organization’s first cross-border solar auction targeting 5 MW to 100 MW solar projects based in Finland was “oversubscribed” with “bids significantly exceeding target volumes.”

“The tender saw several projects submitted for building solar photovoltaics renewable energy installations,” the statement reads. “The total capacity of the projects that applied was 516 MW, which represents an oversubscription for the tender and is a clear sign of strong competition for the available budget. The Commission welcomes the positive results.”

The tender was launched in April and closed in September. It was designed to contribute to the rapid initial development of large-scale PV projects in Finland while also providing Luxembourg access to renewable energy potential beyond its territory. Luxembourg is providing a voluntary payment of €40 million ($41.8 million) and Finland is hosting the projects competing for the subsidies.

The European Climate, Infrastructure and Environment Executive Agency (CINEA) will evaluate the eligibility of the projects and award them contracts “based on price,” the announcement states. “This means that the most competitive bids will be selected first, followed by the next lowest bid until the budget is fully allocated.”

Selected developers will prepare a grant agreement by January next year, with their solar projects expected to go online within 24 months from signing.