The Romanian Government will allocate €815m in grants to incentivise investments in solar, wind and hydropower production across Romania. The Ministry of Energy will launch two funding calls in March 2024 aimed at small, medium and large enterprises, disbursing funds from the EU’s Modernisation Fund. The selected projects are required to be finalised within three years from the date of signing the financing contracts, and before 31 December 2029. The first funding round (€415m) is directed towards renewable projects in which a minimum of 70% of the generated energy is intended for self-consumption. €190m of the budget will be allocated to solar initiatives of over 1 MW, with a cap of €500k/MW. Solar projects of up to 1 MW will be supported with €170m, with a cap at €1m/MW. Wind projects will receive €30m, with a cap of €700k/MW, and hydropower projects will receive €25m, with a cap at €1.8m/MW. The second funding round (€400m) will allocate €200m to solar projects, and €100m each to wind and hydropower projects. The decided caps are the same as the first funding round. According to its NECP, Romania aims to raise the share of renewables in final energy consumption to 30.7% in 2030, including 49.4% in electricity consumption, 33% in heating and cooling, and 14.2% in transport.