The European Commission, following an assessment by the European Investment Bank (EIB) under the Modernisation Fund, has allocated €2.7 billion to support 39 clean energy investment projects across eight EU Member States. Notably, Slovenia received its first-ever investment from the Fund, having become a beneficiary earlier this year.
These projects aim to assist lower-income EU countries in enhancing their clean industrial sectors, reducing greenhouse gas emissions, and improving energy efficiency, aligning with the EU’s 2030 climate and energy goals. Since its launch in 2021, the Modernisation Fund has provided a total of €15.45 billion in support, funded through revenues from the EU’s Emissions Trading System (EU ETS).
Expanding the Scope of Investments
This latest disbursement follows €2.97 billion allocated in June, bringing the 2024 total to €5.67 billion for 77 projects across 11 countries. The 2024 beneficiaries include:
- Bulgaria: €65 million
- Croatia: €52 million
- Czechia: €1.283 billion
- Estonia: €84 million
- Hungary: €202 million
- Latvia: €27 million
- Lithuania: €185 million
- Poland: €1.733 billion
- Romania: €1.956 billion
- Slovakia: €153 million
- Slovenia: €309 million
Focus Areas of Investment
The supported projects target electricity generation from renewables, energy efficiency, modernization of energy networks, and the transition from coal to lower-carbon fuels. Examples include:
- Upgrading Bulgaria’s electricity transmission grid to integrate renewables.
- Deploying photovoltaic systems with energy storage in Croatia.
- Reducing CO2 emissions during heat production in Czechia.
- Renovating multi-apartment buildings to meet higher energy efficiency standards in Lithuania.
- Developing renewable energy storage systems to stabilize electricity grids in Poland and Romania.
Next Steps and Deadlines
The next round of funding proposals is open for submissions. Priority proposals, focusing on energy system modernization and emission reductions, are due by February 18, 2025, while non-priority proposals must be submitted by January 21, 2025.
About the Modernisation Fund
The Modernisation Fund supports the transition of 13 EU countries to climate neutrality by funding renewable energy, energy efficiency, and modernization projects. Expanded under the revised EU ETS, the Fund now includes Greece, Portugal, and Slovenia as beneficiaries since January 2024. It complements initiatives like the Cohesion Policy and Just Transition Fund, aligning with the REPowerEU Plan and Fit for 55 package.
The Fund’s operations, conducted in collaboration with the EIB and European Commission, ensure financial support aligns with the EU’s ambitious climate objectives.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
