February 10, 2017 / 12:04 PM / a year ago

EU regulators okay three French renewable energy schemes

BRUSSELS (Reuters) - EU competition regulators approved on Friday three French schemes to produce some 2,660 megawatts in renewable energy, saying that the projects were in line with the bloc’s energy goals.

Two of the projects, which focus on solar installations, have a total budget of 8.8 billion euros (7 billion pounds) over 20 years while that for the third, a hydropower scheme, is estimated at 500 million euros over 20 years.

“These French initiatives will stimulate a greater use of renewable energy sources and provide legal certainty to the sector, while limiting the use of state support to the minimum,” European Competition Commissioner Margrethe Vestager said in a statement.

France aims to produce 23 percent of its energy needs from renewable sources by 2020.

Reporting by Foo Yun Chee; editing by Philip Blenkinsop

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