Its role Investor / Financier
The Modernisation Fund is a European Union financing instrument established under the EU Emissions Trading System (ETS) to help modernize energy systems and improve energy efficiency in eligible lower‑income Member States. Operational since 2021, it channels a share of ETS allowance auction revenues into grants that reduce greenhouse‑gas emissions and enhance energy security.
Funding priorities include renewable electricity generation, grid upgrades, energy storage, district heating, industrial decarbonization and energy efficiency, and clean mobility infrastructure. Projects are proposed and implemented by beneficiary Member States; the European Commission oversees the instrument and the European Investment Bank provides technical support and due diligence. For the chemicals and refining sectors, the fund can support measures such as on‑site renewables, electrification, hydrogen production and use, heat integration, and CCS/CCU readiness, helping lower Scope 1 and 2 emissions in line with EU climate targets.
chemXplore tracks 4 projects involving Modernisation Fund, of which 4 are active.
Closest to start-up first.
The dates themselves, per project, are for subscribers.
9.4 MW PV at Petromidia to supply >9,800 MWh/year for internal use, cut ~6,024 tCO2/year; project cost ~44 million lei with 14 million lei EU Modernization Fund grant; completion by 31 Dec 2028.
4.8 MW PV plant with ~9 MWh battery will supply >6,200 MWh/yr for self‑consumption, cut >3,800 tCO2/yr; investment ~27 million lei; completion by 31 Dec 2028.
Clean CCS Operating Result 3 bn lei; net income 1.8 bn lei; CAPEX 3.7 bn lei; contribution to state budget 10.2 bn lei; Neptun Deep on track for first gas in 2027.
Sets a 46% electrification target by 2040, reforms the EU ETS to drive investment and stability, and mobilises funding and regulatory measures to lower electricity costs and speed grid rollout.
€2.5bn from the Modernisation Fund supports 51 projects across 11 lower-income EU states to modernise energy systems, expand renewables and cut greenhouse-gas emissions.
First panel shipments landed; ~800,000 panels planned for four parks (≈550 MW). Installations start as equipment is trucked from Constanța, with parks due online in 2027.
EU selects fourth common auction platform for its emissions trading system; auctions begin 2027 and ETS2 auctioning starts January 2027 while ETS2 operations start in 2028.
A 7 MW photovoltaic park will be built for internal power at Petrobrazi, aiding decarbonization and green hydrogen production, co-financed by the Modernisation Fund.
active all projects
