In its first year of operation, the Modernisation Fund made available €898.43 million  to eight beneficiary countries to help modernise their energy systems, reduce greenhouse gas emissions in energy, industry, transport and agriculture and support them in meeting their 2030 climate and energy targets.

Investments were confirmed in Czechia (€320 million), Estonia (€24.59 million), Croatia (€2.15 million), Hungary (€34.28 million), Lithuania (€28 million), Poland (€346.40 million), Romania (€22.99 million), and Slovakia (€120 million).

The Modernisation Fund is supporting 26 investment proposals in the areas of electricity generation from renewable sources, modernisation of energy networks and energy efficiency in the energy sector, in industry, in buildings, in transport as well as in agriculture. Examples of the investment proposals that the Fund is backing are:

• energy efficiency and renewable energy use in Croatia;
• the implementation of photovoltaic installations in Czechia;
• the improvement of energy efficiency and renewable energy use in Estonia;
• the establishment of energy communities in Hungary;
• the improvement of energy efficiency in agriculture in Lithuania;
• the development of power grids for future electric car charging stations in Poland;
• the modernisation of energy networks in Romania;
• the modernisation of energy networks in Slovakia.

The deadline for beneficiary Member States to submit investment proposals for potential support by the Modernisation Fund for the next disbursement cycle is 27 January 2022 for non-priority proposals, i.e. investments that fall outside the Fund’s priority areas, and 24 February 2022 for priority proposals, i.e. investments that fall under the priority areas.