The European Commission approved France's 30.5 billion euros to incentivize solar Power and other renewable energy power generation facilities.

The European Commission gave the green light to approve France’s 30.5 billion euros five-year plan to incentivize solar, onshore wind and hydroelectric power generation facilities in accordance with the country’s aid regulations.

The EU legislature announced on Tuesday that it has adopted the French government to provide premium subsidies to increase market electricity prices. The specific maximum price is determined by the major clean energy generators through competitive bidding.

According to the incentive plan, France will hold seven different types of bidding activities before 2026 to purchase new renewable energy power plants.

Such tenders include multiple rounds of procurement activities related to solar energy installed on the ground and buildings, innovative photovoltaics, and self-use power generation systems, as well as a technology-neutral auction.

In accordance with this incentive plan and combined with a premium payment contract that lasts for up to 20 years, Paris hopes to achieve 34 GW of renewable energy power generation by 2026.