EU to allocate 2.5 billion euros from Modernisation Fund for energy projects in 11 countries
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The European Commission and the European Investment Bank have approved the disbursement of 2.5 billion euros from the Modernisation Fund for 51 energy projects in 11 European Union member states. According to the European Commission, this disbursement brings the total amount approved through the Modernisation Fund since January 2021 to 23.2 billion euros.
The largest individual share of funds this time has been allocated to Romania, which will receive around 636 million euros for several projects in the energy and transport sectors. These include the development of stand-alone battery energy storage systems, support for electricity production from renewable sources through contracts for difference, investments in new renewable energy capacities with integrated storage for public entities, the development of storage capacities for public authorities, as well as projects for the electrification of rail and road transport.
The funds for Romania also include the procurement of new electric multiple units for interregional rail transport, the purchase of new electric locomotives, support for the procurement of zero-emission vehicles in passenger road transport, the renewal of public vehicle fleets with accompanying charging infrastructure, as well as investments in smart metering systems.
Significant funds have also been approved for other countries.
Hungary, for example, will receive more than 552 million euros, including funding for the development and digitalisation of the electricity grid, energy efficiency in public buildings and the modernisation of district heating systems. Czechia will receive around 516 million euros, including funds for photovoltaic power plants in households, energy efficiency in public buildings, the modernisation of public lighting and heat pump projects.
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Greece has been allocated around 234 million euros for the electrification of small coastal vessels, energy efficiency in industry and the improvement of public and industrial buildings. Poland will receive 180 million euros for thermal energy storage in district heating systems, household energy storage and energy efficiency in educational, hospital and multi-apartment residential buildings.
Lithuania has been approved 169 million euros for energy efficiency in agriculture, the modernisation of public lighting, the renovation of public buildings, industrial decarbonisation and the development of electric vehicle infrastructure.
Croatia will receive 109 million euros, including funding for geothermal energy in district heating systems, the green transition of public institutions managing national and nature parks, the use of renewable energy sources in agriculture and the processing of agricultural products, as well as the replacement of refrigeration, air-conditioning and heat pump systems with a high global warming potential.
Portugal will receive around 81.4 million euros for energy modernisation projects in public institutions, while funds have also been approved for Estonia, Latvia and Slovenia. Estonia will receive 44.9 million euros for the second phase of a programme for energy-efficient low-emission public transport, Latvia 40 million euros for the decarbonisation of public transport and the development of charging infrastructure, and Slovenia 20.2 million euros for the electricity grid and the production of electricity from solar and wind power plants.
The Modernisation Fund is financed from revenues generated by the sale of emission allowances under the EU Emissions Trading System. It is intended for lower-income member states to help them modernise their energy systems, improve energy efficiency and accelerate the transition to cleaner energy sources.
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