Portugal picks companies for $ 8 bln investment in green projects

Portuguese Prime Minister Antonio Costa speaks to the media outside Downing Street in London, Britain, June 13, 2022. REUTERS / Henry Nicholls / File Photo

LISBON, June 21 (Reuters) – Portugal has selected 51 consortia to invest a total of 7.57 billion euros ($ 8 billion) in green and other innovative projects over the next four years as part of the European Union’s recovery program.

Portugal’s 16.6-billion-euro recovery and resilience program.

The grants to the companies and research entities could later be boosted by 1.6 billion euros.

The projects include “green” hydrogen and lithium battery plants, agro-industry, electric bikes, investments in health and energy-efficient housing construction.

“The recovery program is not an abstract fantasy … these investments will boost the competitiveness of the economy until 2026,” Costa told a news conference, adding the projects would create new products, services and patents.

930 companies, 60% of which are micro, small or medium-sized companies, as well as some scientific and technological research entities.

Portugal wants to use the $ 14 billion euros in EU grants by 2026, as well as some 2.7 billion euros in loans, out of the block’s 750 billion-euro pandemic recovery package.

5 billion euros to companies supporting investments in research and innovation, sustainable production processes and digital tools and skills.

($ 1 = 0.9491 euro)

Reporting Sergio Goncalves Editing by Mark Potter

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