During 2022-2030, the European Union will allocate significant amounts of money for investments in renewable energy production and storage capacities, energy efficiency, modernization and expansion of electricity networks and other energy fields. The implementation of these projects was envisaged in the context of the European Union’s energy efficiency and decarbonisation policies and objectives.
The need for these investments is amplified by the new political discourse on increasing the European Union’s energy independence, generated in the context of the conflict in Ukraine.
The National Recovery and Resilience Program – the first calls scheduled for 2022 through the National Plan for Recovery and Resilience, in the period 2022-2026, EUR1.62 billion will be allocated under the Energy component, money allocated for investments in wind and solar energy production and storage capacities, green hydrogen production capacities, cogeneration, investments in the entire value chain of photovoltaic batteries, cells and panels, but also to ensure energy efficiency in the industrial sector. For Measure I1, intended for investments in new renewable energy production and storage capacities, the Ministry of Energy published, in February 2022, State Aid Schemes and Specific Guidelines for Financing, and the call for projects is to be opened on March 31, 2022.
The PNRR as well, Component 5 (Renewal Wave), provides subsidies of EUR2.2 billion euros for investments in increasing the energy efficiency of residential and public buildings. According to the PNRR schedule, the first calls for these investments would be launched by June 30, 2022.
EY Romania has developed the EY Energy FiT (“Financing Transition”) platform given the strategic importance of investments in the energy sector and the diversity and complexity of programs that will provide financing for this area.
EY Energy FiT is a comprehensive online platform that aims to help investors identify financing opportunities for their energy-related projects.
Taking into consideration the on-going urge of development in the energy sector, EY Romania believes that all investors should benefit from access to the best guidance and information.
“We created this platform to help investors finalize their investment plan for the coming years. We have noticed significant delays in some cases in the preparation of technical documentation, which negatively influences the degree of maturity and implicitly the chances of financing. We hope that this will increase the chances of all stakeholders to obtain funding and meet the implementation deadlines, which in many cases we expect to be short, given the scale and complexity of the projects,” said Cristian Carstoiu, Partner, EY Romania.