The European Investment Bank and Greece this week signed a first-of-its-kind agreement to jointly manage €5 billion of investment concerned with the EU member state’s post-Covid recovery plan. The strategy has a key focus on green energy.
The national PV body in the country wants €1 billion from the EU’s recovery and resilience fund to be allocated to upgrading the electricity network to host more solar power generation capacity.
The European Parliament and Council of Ministers continued to tidy up the details of the bloc’s Covid-recovery package today by publishing the rules of how the money will be disbursed.
The EU today confirmed natural gas-fired power and heat generation facilities can qualify for Covid-recovery spending as long as they fulfil a maximum emission target or are accompanied by credible member-state plans to ramp up renewables usage.
With the European Parliament formally voting through a €672.5 billion recovery and resilience fund, the baton will pass to the heads of the European Council and its grouping of economic ministers. It is hoped an initial, 13% slice of the fund will be available to member states from early next month.