EC disburses EUR 140.1 million in REPowerEU funds to Hungary

In a statement, the EC noted that this was the last instalment of the payment after the pre-financing of 779.5 million euros on Dec 28.

It said the funds would kick-start the implementation of key investments and reforms outlined in each chapter of the REPowerEU scheme, including energy conservation, production and diversification goals with a view to weaning Europe off Russian fossil fuels.

The EC said pre-financing payments to member states amounted to 20 percent of the additional funds requested to finance the country’s REPowerEU chapter.

It added that Monday’s transfer of the pre-financing grants had followed the European Council’s approval of Hungary’s revised RRF plan containing a REPowerEU chapter and a signed financial agreement.

The EC approved Hungary’s 4.6 billion euro REPowerEU chapter of its modified RRF plan in November. The modified RRF plan is worth a total of 10.4 billion euros, including 6.5 billion euros of grants and 3.9 billion euros of RRF loans.