Renewable Energy Act

The Renewable Energy Act of 2015 establishes legal, economic and institutional basis to promote the installation and use of renewable energy and corresponding electricity grid. Renewable sources considered are wind, solar, hydropower, biomass, geothermal and tidal. The Act plans that the Government will regularly set out middle and long-term renewable energy targets. The appropriate minister will work in accordance with public utilities and the responsible network utility to establish regulations promoting renewable energy and define eligibility for a Feed In Tariff scheme.

The Act also establishes a Renewable Energy Fund to enable its objectives, and finance it via the National Development Fund. Projects that will receive subsidies will have to be approved by the Cabinet, and include research and development programmes. General incentives are further set out to decrease the installation and operative costs.