Italy's expanded RePowerEU package gets EC nod

The European Commission (EC) on Friday gave the green light to Italy’s modified recovery and resilience plan (RRP) that will allocate EUR 194.4 billion (USD 213bn) of total financing and extended spending for projects supporting the RePowerEU objectives.

The revised plan will provide EUR 122.6 billion in loans and EUR 71.8 billion in grant funding for 66 reforms and 150 investments. Around 39% of the available funds are earmarked to back measures supporting the national climate goals and the bloc’s green transition, as compared to 37.5% in the previous version of the RRP.

The financing set aside for REPowerEU initiatives will support five new reforms, five scaled-up investments drawing on existing measures, and 12 new investments devoted to enhancing energy security and cutting the European Union’s dependence on Russian fossil fuels by 2030. The proposed chapter will also finance projects aiming to strengthen electricity distribution transmission networks, promote the deployment of further renewable energy capacity and improve green supply chains. Some of the measures will target streamlining existing permitting procedures in the renewables sector, facilitating the production of biomethane and boosting green hydrogen production.

Apart from energy transition, Italy’s modified RRP contains reforms in areas such as justice, public procurement, digital transition and railways.

The EU Council will have four weeks to endorse the EC’s assessment, enabling Italy to get EUR 500 million in pre-financing of the REPowerEU funds. The country has already secured EUR 85.4 billion under the RRF.

(EUR 1.0 = USD 1.096)

Choose your newsletter by Renewables Now. Join for free!