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Hungary To Use €2.36 Billion for Solar Panel Manufacturing; Netherlands Bags €246 Million for RE Hydrogen

european union flag against parliament in brussels
  • The European Commission has given its clearance to renewable energy support schemes in Hungary and the Netherlands  
  • Hungary will use €2.36 billion to support strategic sectors including manufacturing of solar panels in the country  
  • Netherlands will use €246 million to boost its renewable hydrogen production capacity

Hungary’s €2.36 billion scheme for accelerated investments in strategic sectors, including solar PV, has secured a green signal from the European Commission (EC) and so has the €246 million Dutch scheme to support renewable hydrogen production.  

Apart from funding companies manufacturing solar panels under the €2.36 billion scheme, Hungary plans to support equipment manufacturers for batteries, wind turbines, heat-pumps, electrolyzers, equipment for carbon capture usage and storage. It will also back manufacturers of key components used as a direct input for the production of such equipment or related critical raw materials.  

It will be shelled out as direct grants and/or tax advantages and will be granted no later than December 31, 2025. The commission found the scheme necessary, appropriate and proportionate, to contribute to the implementation of the Green Deal Industrial Plan (GDIP).   

“It will support investments and help Hungary to integrate renewable energy in its economy, without unduly disturbing competition,” said Executive Vice-President in charge of Competition Policy at the commission, Margrethe Vestager.  

The Netherlands’ plans to invest €246 million in renewable hydrogen production will support a minimum of 60 MW of electrolysis capacity, to be awarded through a competitive procedure in 2023. It will be open to all companies in the European Economic Area and awarded as grant for a period of 7 years to 15 years.  

The Dutch scheme is expected to help achieve 500 MW electrolyzer capacity in 2025, and expanded up to 3 GW to 4 GW by 2030. Overall, the EU aims to install 6 GW renewable hydrogen-based electrolyzers to produce up to 1 million tons by 2024 and at least 40 GW to generate close to 10 million tons by 2030.   

“It will help ramping up the production of renewable hydrogen and facilitate the greening of sectors that are otherwise difficult to decarbonize,” stated Vestager, regarding the Dutch scheme that was approved under EU State Aid Rules. “The aid will support the most cost-effective projects. And this while minimizing possible distortions of competition.”

Source from Taiyang News

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