EIMIN triples funding for renewable energy deployment for industry
In response to the very high demand from businesses for access to the renewable energy instrument, the Ministry of the Economy and Innovation has acted immediately to find a solution to increase the available funding. Instead of the planned funding of €10 million, a solution was found to increase the amount to €31.87 million, so that all 226 eligible industrial projects could receive the requested funding.
“Following the record level of interest from companies and realising the relevance of this instrument for business, we immediately looked for ways and means to triple the funding. We have already allocated €9.83 million to the 66 projects that were successful in the first round, and we will soon allocate a further €22.04 million to fund 160 projects in two more rounds. The extraordinary turnout of industry shows that we are ready to move towards a climate-neutral economy and that business understands the value of this change,” said Aušrinė Armonaitė, Minister of the Economy and Innovation.
Additional funding has been sought and is being worked on with the relevant authorities so that funds can be found, reallocated and used for this highly relevant instrument.
With the investment from this instrument, companies plan to purchase the equipment and facilities necessary for the production of renewable energy generated from solar energy.
A maximum of €300,000 per project is available. The most active participants were timber, food, furniture and metal product manufacturers.
“This was a great opportunity for businesses to take stock of their energy consumption and calculate the savings that could be made by installing solar modules, and the high turnout shows that businesses are well aware of the benefits of investing in renewable energy. We are happy to contribute to the transformation of industry towards a climate-neutral economy and are doing our utmost to ensure that investments reach businesses as quickly as possible,” says Romualda Stragienė, Director of the Innovation Agency.
To strengthen the Lithuanian economy, the Ministry of the Economy and Innovation plans to launch calls for proposals worth almost €1 billion by the end of 2023. Of this, €268 million is earmarked for the greener economy.