Lithuania to invest EUR 242m in renewables, storage under recovery plan

The European Commission on Friday approved Lithuania's EUR-2.2-billion (USD 2.6bn) recovery and resilience plan that includes reforms and investments to develop renewables and energy storage.

A 38% share of the plan’s allocation will be spent on measures supporting the green transition.

The country intends to invest EUR 242 million to develop offshore and onshore wind and solar power generation and set up public and private energy storage systems. Investment is planned in an additional 300 MW of solar and wind and 200 MW of electricity storage capacity.

Lithuania will also invest EUR 341 million to phase out the most polluting vehicles and boost the share of renewable energy sources in the transport sector.

The EUR 2.2 billion in grants will start being disbursed to Lithuania after the Council adopts the EC’s proposal for the provision of the funds. It has four weeks to do so.

(EUR 1.0 = USD 1.186)

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