REPowerEU concerns measures to save energy, boost energy production from renewable sources, and diversify energy supply
The European Commission announced on Thursday the pre-financing payment of 20.9 million euros in financing for Cyprus from the REPowerEU program for energy savings and the promotion of clean energy, within the framework of the Recovery and Resilience Mechanism.
The aim of the pre-financing from all the funds foreseen in the REPowerEU chapter under the National Recovery and Resilience Plan is to give impetus to the implementation of the key investments and reforms recorded in the plan.
REPowerEU concerns measures to save energy, boost renewable energy production, and diversify energy supply to wean the EU off Russian fossil fuels following Russia's invasion of Ukraine, but also in the context of the green transition.
The pre-funding is paid in one or two installments, and can cover up to 20% of the additional funds of each country's REPowerEU capital funding. If the pre-financing is paid in two installments, the second installment must be paid within 12 months of the first installment being paid.
At the same time as Cyprus, the Commission also announced the payment of pre-financing with 145.1 million euros to Belgium and 585.1 million euros to Croatia in grants and loans. The pre-financing payment of EUR 25.4 million to Finland, EUR 158.7 million to Greece, EUR 551.2 million to Italy, EUR 26.9 million to Latvia and EUR 288 million to Romania in grants were also approved, while another 340 million euros were approved in loans for Spain.
The disbursements follow the approval by the EU Council of the revised plans of the countries in question, to which a chapter was added for REPowerEU and the signing financing agreements. The Council has approved the REPowerEU funds of all 23 Member States that have so far submitted amended national plans.
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