Finance | 17 July, 2023 at 9:30 AM
EC awards €3.6 billion to 41 large-scale clean tech projects
The European Commission is awarding over €3.6 billion to 41 large-scale clean tech projects, to be financed through the EU Innovation Fund.
The European Commission is awarding over €3.6 billion to 41 large-scale clean tech projects, to be financed through the EU Innovation Fund.
The European Union's Modernisation Fund has disbursed €2.4 billion to 31 projects in seven beneficiary countries to help modernize their energy systems, reduce greenhouse gas emissions in energy, industry, and transport, and improve energy efficiency. It is the joint largest disbursement to date and will boost Europe's green transition.
The European Parliament has approved including REPowerEU measures in national plans to be more independent from Russian fossil fuels, speed up the green transition and tackle energy poverty.
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.
