Energy | 19 November, 2024 at 6:24 PM
Romania launches €150 million battery storage grant
The Romanian Ministry of Energy launched a grant program funded by the Modernization Fund.
The Romanian Ministry of Energy launched a grant program funded by the Modernization Fund.
The total amount exceeds €278 MILLION.
Romania has signed the accession to the International Solar Alliance (ISA), a strong commitment of the Romanian government to support and promote solar energy as the main source of clean and sustainable energy.
Sunwind Energy SRL, a subsidiary of the Electrica Group, and the Ministry of Energy have signed the non-refundable financing contract from the National Recovery and Resilience Plan (PNRR), for a photovoltaic park in the project phase.
Several Romanian companies receive money from the state through PNRR for green hydrogen production. The Ministry of Energy signed financing contracts for 7 projects to build green hydrogen production capacities.
Renewable energy sources could reach a share of approximately 34% in 2030. Europe has assumed that by 2050 it will become the first climate-neutral continent.
More than 3,000 MW of solar energy projects are to be installed in Romania in the next two years, thanks to European funds. The government is preparing green funding from the Modernisation Fund: over €1.5 billion for companies and local authorities. Romania is among the top 10 countries in alternative energy consumption.
After about 10 years, green energy is once again the star of investments in the energy sector in Romania, says the state secretary of the Ministry of Energy, George Niculescu.
A significant portion of EU grants is allocated to support sustainable initiatives, further driving the rise in these types of loans.
Polish energy group Orlen announced that its subsidiary, Energa Operator, has secured a €1.8bn loan to modernize the power grid, preparing it for the integration of renewable energy sources.
OMV Petrom announced the commencement of construction for a production unit dedicated to sustainable aviation fuel (SAF) and renewable diesel (HVO) at the Petrobrazi refinery.
The European Investment Bank (EIB) is providing a €240 million loan to Slovakia for co-funding of EU-supported green and digital projects across the country.
In line with its 2030 ambition to decarbonize the hydrogen used in its European refineries, TotalEnergies has signed agreements with Air Liquide to develop two projects in the Netherlands.
