European Commission disburses €1.4 billion in pre-financing to Spain for implementation of its REPowerEU plan

Last Thursday, the Commission disbursed €1.4 billion to Spain in pre-financing grants related to the REPowerEU funds under the Recovery and Resilience Mechanism (RRM). This second and final REPowerEU pre-financing tranche complements the €340 million of loans previously disbursed to Spain on 25 January 2024.

This pre-financing will help accelerate the implementation of the key investment and reform measures described in the Spanish REPowerEU chapter. It will accelerate the achievement of the REPowerEU targets on energy savings, clean energy production and diversification of energy supply. This will help make Europe independent of Russian fossil fuels, which is indispensable in the face of Russia’s brutal invasion of Ukraine.

This payment follows the Council’s approval of Spain’s revised plan (which includes a REPowerEU strand), and the signature of the corresponding financing agreement.

The pre-financing, paid in one or two instalments, can represent up to 20% of the additional funds requested under each country’s REPowerEU strand. If the pre-financing is paid in two instalments, the second payment shall be made within 12 months of the first payment.

More information: European Commission