New REPowerEU plan may boost recovery fund by €2bn

The EU’s revised energy sector targets for 2030 – 740 GW in solar energy output by 2030, a RES sector energy-mix share of 45 percent, up from the previous target of 40 percent, and energy savings of 13 percent, up from a 9 percent increase – raise the standards for member states.

The EU is pouring an additional 210 billion euros into the effort. The share of this total to be made available to Greece remains to be seen.

According to initial calculations by government officials possessing knowledge on this subject, Greece should be entitled to an additional 2 billion euros for the country’s recovery and resilience plan.

If so, this amount will increase the value of Greece’s recovery and resilience plan to 34 billion euros, from 32 billion euros at present.

Of this additional two billion-euro amount, for RES and energy savings projects, over one billion euros could be offered to investors in the form of low-interest loans, while approximately 700 million euros, or possibly less, may be offered as subsidies.