Following the positive disbursement decision by the European Commission, the European Investment Bank has made the first payments from the Modernisation Fund.
A total of 304.43 million euros has been made available to the Czech Republic (202 million euros), Hungary (11.43 million euros) and Poland (91 million euros) to finance six investment proposals that have been confirmed as priority investments.
Overall, the investments will help the three countries to modernise their energy systems and support them in meeting their 2030 energy targets.
In particular, they will back the implementation of photovoltaic installations in Czechia and the establishment of energy communities in Hungary. In Poland, the investments will focus on the roll-out of smart meter infrastructure, the development of power grids for future electric car charging stations and the promotion of energy efficiency in existing buildings.
As a next step, the beneficiaries will have to transfer the money from the Modernisation Fund to the project proponents or scheme managing authorities. They also need to monitor the implementation of the Modernisation Fund investments and submit annual reports.