The European Commission announced that EU regulators had approved a Belgian scheme of state aid worth 682 million euros ($756.54 millions) to support renewable energy offshore wind.

The commission stated that the measure would support the construction and operations of a North Sea wind farm with a capacity of at least 700 MW, and generate at minimum 2.6 terawatt hours of renewable energy per year.

The European Union has set a target of 42,5% renewable energy by 2030. However, the process for grid permits has been slow and the power networks in the zone are not being upgraded quickly.

According to the wind energy industry, there is a large backlog of permits for projects. This could slow down the transition to green energy.

(source: Reuters)