The European Commission has approved a €350 million Portuguese grant scheme for the production of equipment for renewable energy.
The funds, which will be granted no later than Dec. 31, 2025, will take the form of direct grants. They will be fully financed through the European Commission’s Recovery and Resilience Facility.
Companies in Portugal that produce solar panels, wind turbines, heat-pumps, electrolyzers and equipment for carbon capture usage and storage will all be eligible for funding, as well as companies involved in the extraction of critical raw materials needed for their production.
The grant was approved under the EU State aid Temporary Crisis and Transition Framework, which supports measures in sectors seen as key to accelerating the green transition and reducing fuel dependencies.
A recent statement from the European Commission said that the funding “is necessary, appropriate and proportionate to accelerate the green transition and facilitate the development of certain economic activities” in Portugal.
Margrethe Vestager, executive vice-president in charge of competition policy at the European Commission, said that the funding “will provide key support to the production of strategic equipment needed for the transition towards a net-zero economy … The scheme will support these investments without unduly disturbing competition.”
According to figures from the International Renewable Energy Agency, Portugal had deployed 2,536 MW of solar by the end of 2022.
The Portuguese government has set a target for 85% of its electricity to come from renewables by the end of the decade. The country was solely powered by renewables for one weekend in November 2023. In February 2024, the nation's second solar-wind hybrid project was commissioned.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
1 comment
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.