ESCM: EU countries to quickly provide subsidies for solar factories

The European Solar Manufacturing Council (ESMC) has called on EU member states to release funding to build a European solar industry under the »REPowerEU« program. The »Net Zero Industry Act« passed on March 16 explicitly encourages member states to do so, ESMC stated in a release. The regulation allows member states to support investments by their domestic solar industry with grants ranging from 15 to 55 percent, depending on the size of the company. In addition, there are tax breaks, loans and guarantees that can be granted.
In doing so, however, member countries will have to meet a deadline: The corresponding financing is to be included in the revised recovery and resilience plans, which must be submitted to the European Commission by the end of April. The ESMC therefore urges EU member states not to miss the opportunity. Already at the beginning of March, the association had sent individual letters to governments urging them to provide funding for the development of solar factories amounting to € 20 billion ($ 22 billion) from the REPowerEU budget.

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