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MODERNIZATION FUND: Nearly 1 Billion Euros Approved for New Energy Investments
Energy Minister Sebastian Burduja: “Another nearly one billion euros will enter Romania’s accounts by the end of the year from the Modernization Fund for investments targeting green energy production and storage, the construction of new high-efficiency cogeneration facilities, the modernization of Bucharest’s metro, and the electrification of railway lines.”
At the meeting of the Modernization Fund Investment Committee (FM) held on 22.10.2024 in Budapest, the Ministry of Energy secured non-reimbursable funding for all six priority investment proposals submitted, totaling €1,106,268,233, with the first €860 million to be transferred to Romania by the end of the year.
The six investments set to receive funding include three state aid schemes initiated by the Ministry of Energy, two individual projects, and one state aid scheme backed by the Ministry of Transport and Infrastructure.
“At the Ministry of Energy, we continue under the same motto: investments, investments, investments. Nearly one billion euros will enter Romania’s accounts by the end of the year from the Modernization Fund for investments targeting green energy production and storage, the construction of new high-efficiency cogeneration facilities, the modernization of Bucharest’s metro, and the electrification of railway lines. These are all important and necessary investments, and Romania leads the way in securing non-reimbursable funding from the Modernization Fund.
Our development potential is immense, and we are not stopping here. Step by step, project by project, we are building the energy future of Romania: secure, accessible, and increasingly green. With each new MW added to the national energy system, Romanians will have the chance to see reductions in their electricity bills, and Romania’s economic environment will become more competitive,” stated Sebastian Burduja, Minister of Energy.
In alignment with the policy of developing new renewable energy sources while managing the balance between energy production and consumption—particularly in the context of rising demand and the transition to renewable sources—the Ministry of Energy will finance, within two state aid schemes, investments in new electricity generation capacities from renewable sources for self-consumption for applicants in the public sector (RES-UAT), as well as in the development of electricity storage capacities (batteries).
These two measures have a financial allocation of €350,000,000, of which €200,000,000 is allocated to financing electricity production for self-consumption by public sector applicants. This funding is particularly significant as it complements the initial call launched by the Ministry of Energy, which had a budget of €500 million, also sourced from the Modernization Fund. Given the high interest and the need to support the public sector in the green transition, the Ministry of Energy decided to supplement the funds to finance all eligible projects submitted under the initial call.
In addition to the policy supporting renewable electricity production, the second investment measure supported by the Ministry of Energy focuses on backing investments in electricity storage capacities (batteries). The project call will benefit from a €150,000,000 budget from the Modernization Fund, with the launch scheduled for November.
Furthermore, after decades without substantial funding in Romania’s centralized heating sector, €361,950,000 will be allocated to investments in flexible gas-fired production capacities for high-efficiency cogeneration (CHP) in the centralized heating sector.
Our institutional partner, the Ministry of Transport and Infrastructure, will also finance three investments through the Modernization Fund, totaling €400,000,000. These will include the purchase of 12 trains for the M4 metro line, the electrification of three railway lines, and a state aid scheme for new renewable energy production capacities for self-consumption at aerodromes, including energy storage systems.
Additionally, the Ministry of Agriculture and Rural Development, for an investment already approved at a total of €500,000,000, has, after an initial payment of €100,000,000, received approval for a second payment of €50,000,000 in the autumn session of the FM Investment Committee. This funding supports the State Aid Scheme for investments in new renewable energy production capacities for self-consumption within the agricultural sector and food industry enterprises.
As per procedure, all mentioned investments have undergone prior technical and financial evaluation by the European Investment Bank (EIB) to ensure alignment with the EU ETS Directive objectives, the goals outlined in the European Commission’s “European Green Deal” Communication of December 11, 2019, and the long-term targets in the Paris Agreement.
The Modernization Fund is a financing tool that supports the objectives of the European Green Deal by promoting a socially fair transition to a green economy and is funded through allocated percentages from the trading of certificates provided to EU Member States under the EU ETS scheme for the 2021–2030 period.
https://energie.gov.ro/category/fondul-pentru-modernizare/
30.10.2024 / Editor, Andreea Dragan
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