EU approves €350 million renewables manufacturing plan in Portugal – pv journal Worldwide

The European Fee has permitted a €350 million Portuguese grant scheme for the manufacturing of apparatus for renewable power.

The funds, which can be granted no later than Dec. 31, 2025, will take the type of direct grants. They are going to be absolutely financed by means of the European Fee’s Restoration and Resilience Facility.

Corporations in Portugal that produce photo voltaic panels, wind generators, heat-pumps, electrolyzers and tools for carbon seize utilization and storage will all be eligible for funding, in addition to firms concerned within the extraction of vital uncooked supplies wanted for his or her manufacturing.

The grant was permitted below the EU State help Short-term Disaster and Transition Framework, which helps measures in sectors seen as key to accelerating the inexperienced transition and lowering gas dependencies.

A current assertion from the European Fee mentioned that the funding “is critical, acceptable and proportionate to speed up the inexperienced transition and facilitate the event of sure financial actions” in Portugal.

Margrethe Vestager, govt vice-president in control of competitors coverage on the European Fee, mentioned that the funding “will present key help to the manufacturing of strategic tools wanted for the transition in direction of a net-zero financial system … The scheme will help these investments with out unduly disturbing competitors.”

Based on figures from the Worldwide Renewable Vitality Company, Portugal had deployed 2,536 MW of photo voltaic by the top of 2022.

The Portuguese authorities has set a goal for 85% of its electrical energy to return from renewables by the top of the last decade. The nation was solely powered by renewables for one weekend in November 2023. In February 2024, the nation’s second solar-wind hybrid mission was commissioned.