European Commission to bar funding for solar inverter projects by Chinese, Russian firms

BRUSSELS. /TASS/. The European Commission has blocked funding for projects to develop solar inverters by companies from high-risk countries, which the EU considers to include Iran, China, North Korea, and Russia. According Politico, the decision is driven by concerns over disruption of the EU’s critical infrastructure by foreign actors. Companies from countries on the high-risk list that are already involved in EU-funded projects may request exemptions, with the EC expected to decide on such requests by November 1. The measure will primarily affect Chinese manufacturers, such as Huawei, which hold leading positions in the solar inverter market, the newspaper noted. A solar inverter is a device that converts energy generated by solar panels into electricity supplied to the power grid.