The European Commission and the European Investment Bank have announced on Thursday the disbursement of EUR 2.5 billion from the Modernization Fund to support 51 energy-related projects in 11 EU member states, including EUR 552.3 million of transfers for Hungary.
These investments will help modernize energy systems by improving energy efficiency in the energy, industry and transport sectors whilst supporting the reduction of greenhouse gas emissions, the European Commission said.
The Modernization Fund supports lower-income beneficiary member states to modernise their energy systems, meet their climate and energy targets, and implement their national energy and climate plans.
Hungarian investment proposals for financing from the fund include subsidies for the modernisation and development of renewable energy based district heating systems, energy storage instalments for grid security and electricity grid development, among others.
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