Europe will offer 1.5GW of solar energy to households and businesses across Europe in 2020, with an investment of €100m, according to the European Commission.
The solar project aims to provide up to 1,100 hours of electricity per year for households and business across the EU.
The European Commission has also pledged to invest €100 million in the solar sector in the region.
The €100bn investment will be a new EU scheme for solar energy and will provide a further 1,500MW of capacity, which will cover 1.7GW of PV capacity and provide power to households.
This will help to create new jobs in solar energy production and support the renewable energy transition, said a spokesperson for the European Investment Bank (EIB), the EU’s main lending arm.
The EU will now be able to export the power produced by the scheme, the spokesperson added.EU Solar Energy Commissioner Yves Bertrand said the EU was committed to its ambitious goal to provide 1,700 MW of solar power for the grid by 2020.
“We want to be able, if the European market can provide that, to offer that 1,800MW as well,” Bertrand told the Financial Times.
“That will be something we can then export to the rest of the world.”
The solar scheme will be funded through a combination of the EIB’s Clean Energy Investment (CEI) programme and a programme launched by the European Economic and Social Committee (EESC) last year to offer renewable energy finance to small and medium-sized businesses (SMEs).
The EESC will also use the CEI programme to buy power from solar projects in the EU, as part of its energy efficiency target.
The EESCs Solar Energy Fund, which aims to help the energy sector achieve the energy-efficiency target of the 2030 Paris Agreement, will also support solar projects.
The European Commission is also investing in solar projects to provide the European grid with renewable energy, which it said could be worth as much as €1.2 trillion.