A new EU framework designed to incentivize cross-border renewables financing could help accelerate the roll-out of solar PV projects across Europe. However, investors are awaiting more clarity about how the system will work in practice.
Policy support for battery energy storage is gaining momentum across Europe as national governments remove regulatory barriers and the EU pledges financial support for this emerging technology. In several countries, revised capacity markets now allow energy storage operators to compete for subsidy contracts on a more equal footing with power generators. Support from the European Battery Alliance and €1 billion in loans from the European Investment Bank in 2020 alone should help shore up investor confidence. Battery storage will be a key component to support the growth of solar PV – but the rollout of projects will have to accelerate faster to fulfill this potential.
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