The European Commission has approved a €23 billion package of state aid by the Italian government to fund rollout of renewable energy across the country.
The massive package would go towards wind, solar, hydro and sewer gas projects, with the aim of adding an extra 37.15 gigawatts of generation to the country’s grid.
It would boost Italy’s total renewable generation capacity by almost 50 percent.
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The Commission said the aid would take the form of “variable payments under two-way contracts for difference,” which means the government guarantees a minimum price, covering the difference if electricity prices fall below a certain level.
