The European Commission announced that Greece has today submitted a request for the revision of the Recovery and Resilience plan projects, in which it also wishes to add a chapter to the new REPowerEU program for energy transition projects.

Specifically, according to the Commission’s announcement, the REPowerEU chapter includes energy efficiency measures related, for example, to energy renovations for households and utilitiesand with the increasing penetration of renewable energy sources, with measures to promote energy storage, as well as reforms promoting the transition to a smart grid and energy sharing.

According to the Commission, Greece’s request to amend its plan is based on its request to receive additional loans of 5 billion euros.

The additional loans will be used as a supplement to the loan part of the existing loan facility measure, which aims to support private investments related to the green transition, digitalisation, increasing export capacity, economies of scale and innovation. Companies will be able to benefit from easier access to financing through loans at a lower cost.

Greece’s request to modify its plan is also based on the need to take into account changing market conditions, the European Commission stresses.

The proposed amendment of the plan by Greece foresees the modification of many measures from the original plan and the addition of new measures, such as the inspection of the seismic resistance of critical public infrastructure, as well as reforms in the areas of primary health care, the Greek Land Registry, taxation, including of encouraging electronic transactions.

Furthermore, Greece requested to transfer part of its share of the Brexit adjustment reserve, amounting to EUR 25.6 million, to the Recovery and Resilience plan.

Together with Greece’s REPowerEU grants (€769.22 million) and additional €5 billion in loan support requested, the submitted amended recovery and resilience plan totals €18.22 billion in grants and loans, amounting to 17.73 billion euros.

The Commission now has up to two months to assess whether the amended plan meets all the assessment criteria of the RRF (Recovery and Resilience Mechanism) Regulation. If the Commission’s assessment is positive, it will submit a proposal for an amended Council Implementing Decision that will reflect the changes in the Greek plan. Member States will then have up to four weeks to approve the Commission’s assessment.