The European Commission has approved Lithuania’s recovery plan, which included a €242 million investment in renewable energy under the EU’s Recovery and Resilience Facility (RRF).
Part of a €2.2 billion “recovery and resilience plan”, the money will be invested in offshore and onshore solar and wind power, as well as public and private energy storage facilities.
It foresees an increase of 300MW of solar and wind energy, and a 200MW increase in energy storage capacity.
Although approved by the commission, the plan needs to also receive consent from the European Council in the next four weeks before the funds can be distributed.
In total, 38% of the €2.2 billion will be spent on meeting climate targets, which is 1% higher than the 37% required by RRF rules.
European Commission president Ursula von der Leyen said the plan was “very well balanced in the mix of reforms” and that it “means a massive investment in clean energy, wind power, solar power”.
“We welcome the plan’s focus on major projects of common European interest, particularly in clean energy – such as wind and solar power generation and phasing out polluting road transport vehicles,” said Valdis Dombrovskis, the Commission’s executive vice-president for ‘An Economy that Works for People’.
The EU’s COVID-19 recovery plan, NextGenerationEU, is making €800 billion available to members states for policies that fall in line with EU objectives.
Large Scale Solar Central and Eastern Europe is being held in Warsaw, Poland from 17-18 November in a hybrid event format. It will see policy-makers, offtakers, transmission and distribution companies meet with developers, investors, lenders and other market players to discuss large scale solar issues specific to that region. For more details on the event, click here.