The European Commission will lay out a €584 billion ($637 billion) plan to overhaul the region’s power grids so they’re ready to handle the expected influx of electricity from renewable sources.

The bloc’s executive branch will announce next week its vision to spur investments in the backbone of the energy transition, particularly in cross-border connections to better integrate offshore renewable power, according to a draft document seen by Bloomberg News. The plan contains a pledge to accelerate permitting and a call for new financing instruments, including from the European Investment Bank.