Investment in solar power reaches €44 million

Luxembourg launched a programme to support solar energy infrastructure projects last November. The state promised to reimburse bidders for their investments. The total amount was more than €16 million.

Solar panels, energy, solar power, electricity

Of over 100 applications, only 85 fully met the requirements and passed the selection round. The cost of all the projects is estimated at €44 million. This is slightly less than three times the amount declared. It is not yet clear how the compensation will be distributed. But the industry has a proposal.

Photovoltaics are not only environmentally friendly. It can also free large consumers from the need for fossil fuels.

ArcelorMittal, for example, has already announced that it is in the process of developing a solar power plant that could have a production capacity of up to 4,500 MWh per year. The company's own consumption is only 2,200 MWh. The excess energy could either be fed into the public grid or be used to power the company's new facilities.

This aid is available in Luxembourg to encourage companies to build and operate photovoltaic solar energy systems, with a focus on self-consumption of electricity. In response to a call for tenders, companies submitted projects for photovoltaic power plants on buildings or greenhouses. Grants awarded through a competitive process launched by the Ministry of Economy in cooperation with the Ministry of Energy and Spatial Planning.

«Solar energy is an energy of the future: it plays a central role in the energy transition and will help us become more and more independent of fossil fuels», — said the Minister of Energy, Claude Turmes.

Photovoltaics, or PV, is the technology that uses solar cells to convert the sun's light into electricity. It is a renewable energy technology. It harnesses the power of the sun to produce clean and sustainable electricity. PV systems are widely used in residential, commercial and industrial applications to reduce dependence on traditional fossil fuel energy sources and contribute to a greener and more sustainable future.

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