July 20, 2020 / 9:53 AM / 17 days ago

EU state aid regulators okay Irish renewable power scheme

BRUSSELS (Reuters) - EU state aid regulators cleared on Monday an Irish scheme to produce electricity from renewable sources, saying it was in line with the bloc’s rules and its environmental objectives.

Ireland’s Renewable Electricity Support Scheme aims to support electricity production from renewable sources, including solar photovoltaic and wind, to help the country shift away from fossil fuels.

The project, budgeted between 7.2 billion euros and 12.5 billion euros ($14.3 billion), will run until 2025. State aid will be allocated through auctions.

The European Commission said the scheme will contribute to the bloc’s environmental objectives without unduly distorting competition.

Reporting by Foo Yun Chee

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