EU allocates nearly €3b for clean energy projects in 10 countries

The European Union has allocated €2.967 billion through its Modernisation Fund to finance 39 energy projects across 10 EU member states, marking the largest disbursement to date under this initiative.

These investments are crucial for member states striving to meet their climate and energy goals, contributing significantly to the EU’s objective of achieving climate neutrality by 2050.

The disbursement, which benefits Bulgaria (€65.2 million), Croatia (€52 million), Czechia (€835.2 million), Estonia (€24.1 million), Hungary (€76.8 million), Latvia (€26.8 million), Lithuania (€59 million), Poland (€697.5 million), Romania (€1.095 billion), and Slovakia (€35 million), supports various energy initiatives.

These include improving electricity transmission grids for renewable integration, installing photovoltaic and energy storage systems, enhancing energy efficiency in public sector buildings, and developing renewable energy-based district heating systems.

Projects funded range from reinforcing Bulgaria’s electricity grid and deploying photovoltaic systems in Croatia’s public services to supporting household adoption of photovoltaics in Czechia and upgrading energy networks in Estonia.

Other efforts include deploying renewable energy in Latvian multi-apartment buildings, developing energy storage in Lithuania, and expanding heavy-duty transport charging infrastructure in Poland.

Romania will utilise funds for contract-for-difference schemes promoting renewable electricity production, while Slovakia focuses on renewable hydrogen and co-generation projects.

The EU’s Modernisation Fund aims to accelerate the transition to a sustainable and low-carbon economy, with upcoming deadlines for member states to submit investment proposals set for August 13, 2024, for non-priority projects and September 10, 2024, for priority projects.

Attribution: The European Commission.