EU Approves €111.7 Million Investment in Greek Renewable Hydrogen Project
Key Ideas
  • The European Commission approved a €111.7 million state aid package from Greece to boost renewable hydrogen production, supporting Motor Oil Hellas in its 'Green Hydrogen' project.
  • Funded through the Recovery and Resilience Facility, with a focus on a 50 MW electrolyser powered by renewables, the initiative aligns with EU's climate goals and aims to reduce greenhouse gas emissions.
  • The Commission's evaluation deemed the aid package necessary, proportionate, and compliant with competition rules, ensuring efficient use of taxpayer money and limited market distortion.
  • The investment is expected to catalyze Greece's hydrogen market development, drive sectoral decarbonization, and create new job opportunities, showcasing EU's support for clean technology investments.
The European Commission has approved a substantial €111.7 million state aid package from Greece to boost the production of renewable hydrogen. This investment will support Motor Oil Hellas, a leading Greek refinery company, in its ambitious 'Green Hydrogen' project. The funding, sourced entirely from the Recovery and Resilience Facility, will enable the installation of a 50 MW electrolyser powered by renewable energy sources, with a primary focus on producing renewable hydrogen for various applications such as transportation and industrial processes. The approval follows a rigorous assessment under EU State aid rules, emphasizing the project's alignment with EU climate goals and the REPowerEU Plan. The Commission's evaluation highlighted the necessity, proportionality, and compliance with competition rules of the aid package, ensuring efficient utilization of taxpayer funds and minimal market distortion. This strategic investment is projected to not only decarbonize key sectors of the Greek economy but also stimulate the growth of the hydrogen market, fostering job creation and economic opportunities in the green energy sector. The initiative represents a tangible example of how EU member states can leverage the RRF to support pivotal investments in clean technologies, accelerating the transition towards a climate-neutral future.
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