Ministry of Energy announces the call for projects for the Modernization Fund

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Companies interested in obtaining funds to finance new investments in the energy sector can send until October 16 projects that can receive European money from the Modernization Fund to the Ministry of Economy and Energy, according to a statement from the institution quoted by e-nergia.ro.

“According to Article 3 of Implementing Regulation (EU) 2020/1001, by 30 November each year, each beneficiary Member State must provide the EIB and the Investment Committee with an overview of the investments for which intends to present investment proposals in the next 2 calendar years… The selection of projects for financing from the Modernization Fund will be made following selection processes that will take place after the approval of the legislative framework for the implementation of the Modernization Fund (2021-2030),” says the Ministry.

“The investments proposed by the Member States are considered eligible for financing from the Modernization Fund with up to 100% of the eligible expenses, if the European Investment Bank (EIB) decides that these are priority projects, according to art.10d para. (2) of Directive (EU) 2018/410, namely investments in the production and use of electricity from renewable sources, improving energy efficiency (excluding energy efficiency related to energy production using solid fossil fuels), energy storage and modernization of networks including district heating pipelines, electricity transmission networks and increased interconnections between Member States.

If an investment in the modernization of energy systems, which is proposed to be financed from the Fund, does not fall within the areas provided in art. 10d para. (2), but the respective investment complies with the requirements provided in art. 10d (1), and is in line with the objectives of Directive (EU) 2018/410 as well as the objectives of the Union’s climate and energy policy framework for 2030 and the long-term objectives set out in the Paris Agreement, the Investment Committee issues a recommendation regarding the financing of the investment proposal with up to 70% of the eligible expenses,” it is also shown in the release.

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