BRUSSELS (Reuters) - The European Union regulators approved on Tuesday 600 million euros ($679 million) worth of French state aid for innovative solar power installations, saying it would support the bloc’s climate ambitions.
The European Commission also said in a statement that the scheme was aimed at adding 350 megawatts of additional capacity through small installations at ground level or on buildings that would be picked through tenders by the end of this year.
“The selected installations will receive support in the form of a feed-on tariff (i.e. a guaranteed price) or of a premium on top of the market price... for a period of 20 years,” the EU competition regulator said.
Writing by Gabriela Baczynska; editing by Foo Yun Chee