Region, EC said that it will grant 1.43 billion euros to Romania and Croatia to support the modernization of their energy systems

, SEE Energy News

The European Commission (EC) said that it will grant 1.43 billion euros to Romania and Croatia to support the modernization of their energy systems, reduction of greenhouse gas emissions and help them reach their 2030 RES targets.

The statement from the EC said that Romania itself will receive 1.39 billion euros from the Modernization Fund to finance the construction of eight solar power plants and two gas-fired power plants at Energy Complex Oltenia, thus replacing old coal-fired units. Croatia will receive 40 million euros for inciting the growth of renewable energy production.

Besides Romania and Croatia, member states Czechia, Poland, Lithuania, Slovakia and Hungary will receive 1 billion euros for similar investments.

The EC is granting a total 2.4 billion euro to support 45 investment proposals in the areas of electricity generation from renewable sources, modernization of energy networks and energy efficiency in the energy sector, industry, buildings, as well as in transport, and the replacement of coal generation with lower carbon intensity fuel.

Funded by revenues from the auction of emission allowances from the EU’s Emissions Trading System, the Modernization Fund aims to support ten EU countries with lower income in their transition to climate neutrality by modernizing their power sector and wider energy systems, boosting energy efficiency, and facilitating a just transition.