EU OKs €30.5B French Renewable Energy Scheme

EU state aid regulators cleared on Tuesday a 30.5-billion-euro ($35.9 billion) French scheme for renewable energy production, saying it would help the bloc’s goal of achieving climate neutrality by 2050.

The scheme is targeted at onshore operators of solar, onshore wind and hydroelectric installations, who will get a premium on top of the electricity market price.

The project is open until 2026 and aid can be paid out up to 20 years after the new renewable installation is connected to the grid.

“This aid measure will stimulate development of key renewable energy sources, and support a transition to an environmentally sustainable energy supply, in line with the EU Green Deal objectives,” European Commission Executive Vice President Margrethe Vestager said in a statement.

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