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The European Union is investigating two Chinese companies for potentially receiving unfair subsidies in their bids for a solar power project in Romania, examining the impact on the EU’s single market and adhering to new foreign subsidies regulations.
The European Union is conducting two separate inquiries to determine if two Chinese contenders received undue advantages from subsidies in their proposals for a solar power project in Romania, according to an announcement from the European Commission on Wednesday.
The investigations are centered on a bid involving Romania’s ENEVO Group and a branch of LONGi Green Energy Technology Co (601012.SS), and another that includes subsidiaries of the Chinese state-owned entity Shanghai Electric Group Co. (601727.SS).
An EU official noted that the total value of the contract stood at approximately 375 million euros ($404 million).
The initiation of comprehensive investigations by the Commission is based on preliminary evidence suggesting that the two Chinese companies might have benefited from foreign subsidies, creating a distortion in the EU single market.
The EU’s foreign subsidies regulations, effective from July 2023, mandate companies to inform the European Commission if they have received such subsidies.
This allows the Commission to evaluate whether these subsidies result in offers that are excessively favorable. The Commission is expected to make a decision by August 14.
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