Ten EU member states get EUR 3bn from Modernisation Fund

The European Commission today announced a EUR-2.967-billion (USD 3.17bn) disbursement under the Modernisation Fund for energy projects in 10 EU member states, aimed at modernising energy systems, reducing greenhouse gas emissions in the energy, industry and transport sectors, and improving energy efficiency.

This marks the largest disbursement from the Modernisation Fund so far, taking the total investment to EUR 12.65 billion since January 2021. Financed by the EU's Emissions Trading System, the fund helps 13 lower-income member states in their efforts towards climate neutrality.

The 2024 round of support goes to 39 projects spread across the countries included in the following table.

The projects, for instance, include grid reinforcement to support renewables integration in Bulgaria; support to households for photovoltaic systems in Czechia; and contract-for-difference support schemes for renewable electricity generation in Romania.

The disbursement decisions can be seen on the Modernisation Fund website.

“By supporting this group of Member States in modernising their energy systems, we continue to move forward on our decarbonisation path via investment into clean technologies that also make us competitive in the long run,” said Maros Sefcovic, Executive Vice-President for European Green Deal, Interinstitutional Relations and Foresight.

For the next disbursement of funds, member states can submit investment proposals by August 13 for non-priority proposals, and September 10  for priority proposals.

Choose your newsletter by Renewables Now. Join for free!