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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

EU Approves €1 Billion Slovakia’s Aid for Green Energy


Fri 15 Dec 2023 | 02:53 PM
Israa Farhan

The European Commission has approved a €1 billion plan proposed by Slovakia to support investments in the production of equipment essential for accelerating the transition towards a green economy, aligning with the European Green Deal.

This decision falls under the framework of assisting member states in overcoming temporary crises, which was adopted by the Commission on March 9, 2023, to support measures in sectors considered crucial for expediting the green transition and reducing reliance on fossil fuels.

In a press statement released on its website today, Friday, the Commission revealed that Slovakia had notified them, under the temporary crisis and transition framework, of a €1 billion plan to support investments in the production of relevant equipment necessary to facilitate the transition to a net-zero emissions economy.

Under this measure, assistance, which can reach up to €350 million per company, will take the form of direct grants, income tax exemptions, and transfers or leasing of non-real estate properties at a price lower than market value, according to the statement.

The Commission's statement clarified that this measure is specific to companies producing related equipment, which includes batteries, solar panels, wind turbines, heat pumps, electric analyzers, and equipment for carbon use and storage.

It also covers key components designed and primarily used as direct inputs for production and the relevant equipment or raw materials necessary for their production.