About the Energy Fund
The Energy Fund regularly advertises subsidies for energy exchange projects aimed at discontinuing the use of fossil fuels and instead transitioning to renewable and environmentally friendly energy sources.
The subsidy portion from the fund is usually one-third (33%) of the cost, excluding value-added tax (VAT).
The Energy Fund operates as a competitive fund, and the main evaluation criteria include how much oil (or other fossil fuels) is displaced for a specific subsidy amount - the so-called "price per liter" benchmark. Other criteria depend on the nature and focus of the projects the fund is entrusted with each time, including factors related to production and services, the credibility of the projects, the speed of implementation, and their significance in expediting energy exchanges even further with similar equipment or technology.
The fund does not take financial risks, as the main principle is to not pay out the subsidies until the project is completed, and the agreement with the fund has been fulfilled.
Attention is drawn to the fact that the Energy Fund is committed to expediting energy transition with proven technology. The technology can be cutting-edge, provided that it's a well-established market product.
Recipients of subsidies from the Energy Fund are a diverse group, ranging from individuals to municipalities and larger companies. Anything that contributes to progressing the energy transition, regardless of its scale, can be relevant to the Energy Fund.
The role of the Energy Fund is to support the efficient utilization of the country's energy resources through subsidies or loans, primarily for actions aimed at reducing the use of fossil fuels and increasing the utilization of domestic renewable energy sources.
The Energy Fund also provides assistance to projects that contribute to energy security and competitiveness in the field of energy, based on energy policy, innovation policy, regional development policy, and government policies on climate issues.
The state is responsible for the obligations of the fund, and it is administratively under the control of ministers.
The daily administration of the Energy Fund is managed by the National Energy Authority under the supervision of the fund's board.
For further details, please refer to the Energy Fund Act No. 76/2020.
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