Cyprus confirms €35 million ‘investment support’ scheme for renewables with energy storage

LinkedIn
Twitter
Reddit
Facebook
Email

The government of Cyprus has confirmed financial support will be made available for renewable energy projects paired with energy storage.

The Mediterranean island country’s Ministry of Energy, Commerce and Industry announced last week (14 November) that the government Council of Ministers had approved the €35 million (US$36.89 million) scheme that day.

The Sponsorship Plan for Energy Storage Systems combined with Renewable Energy Sources (RES) will see what the ministry described as ‘investment support’ for hybrid renewables-plus-storage projects awarded through competitive solicitations.

The scheme is being funded through the European Union (EU) via its Just Transition Fund, through which support is offered to EU Member States expected to be the “most negatively impacted by the transition toward climate-neutrality”, supporting their economic diversification and retooling.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

Not ready to commit yet?
  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Last year, the EU and Cyprus agreed that €1 billion would be invested through the JTF in the country between 2021 and 2027. Cyprus has been a full EU Member State since 2004.

In mid-July 2023, shortly after that funding was agreed, the Cypriot Ministry of Energy, Commerce and Industry (MECI) launched a national policy framework for energy storage systems.

The framework announced the government’s intent to fund a network of centralised standalone energy storage systems—which would be installed by MECI, owned by the national energy supplier, Cyprus Energy Authority, and overseen by the Cyprus Transmission System Operator (TSOC).

MECI said at least €40 million would be available for centralised energy storage system (ESS) projects.

The framework also launched a consultation into how best to direct the scheme to support “hybrid” renewable energy projects co-located with ESS. At that time, MECI said the budget for the scheme just approved would be between €10 million and €40 million. After the public consultation, which ended in October this year, the €35 million was settled on.

The Ministry intends to post full details of the new scheme on its website by the end of this month, and expects to open the scheme for submissions in mid-January 2025.

Cyprus, which has a population of about a million, as well as being a popular tourist destination in Europe, is aiming to make renewable energy about 22.9% of final energy consumption across all sectors, including electricity, heating and cooling, and transport by 2030.

The European Union is directly supporting energy storage subsidy and tender schemes in several Member States. Notable recent examples include a 5.4GWh programme in Poland, a 3GWh tender scheme in Bulgaria, and €500 million support for battery energy storage system (BESS) procurements in Croatia.

Despite the unlocking of subsidy support across specific markets, clean energy industry groups have said the European Union needs to go further in encouraging or demanding more policy support and regulatory clarity across the continental bloc.

The Energy Storage Coalition, formed by trade associations in the European solar PV, wind and energy storage industries, is campaigning for the European Commission to adopt a comprehensive ‘Action Plan’ on energy storage.

24 February 2026
InterContinental London - The O2, London, UK
This isn’t just another summit – it’s our biggest and most exhilarating Summit yet! Picture this: immersive workshop spaces where ideas come to life, dedicated industry working groups igniting innovation, live podcasts sparking lively discussions, hard-hitting keynotes that will leave you inspired, and an abundance of networking opportunities that will take your connections to new heights!

Read Next

August 28, 2025
“Australia is one of the leading countries for grid-forming inverters,” said Natalie Thompson, senior analyst of energy storage and solar at Wood Mackenzie, when discussing the Australian energy storage market.
August 27, 2025
An EU-backed energy storage capex support scheme in Lithuania will support as much as 4,000MWh of battery storage, the Ministry of Energy has said.
August 27, 2025
“Battery energy storage systems (BESS) typically change ownership between two and four times during their 40-year lifecycle,” John Sheehy, CEO of Pottinger, said on day two of the Battery Asset Management Summit Australia 2025 this morning.
August 26, 2025
Suriya Edwards and Deborah Harvey, partners specialising in battery energy storage at law firm Freeths LLP, analyse new EU battery regulations around suppliers’ responsibility for collecting, treating and recycling collected batteries.
August 25, 2025
The Australian Energy Market Operator (AEMO) has found battery energy storage systems (BESS) are the most reliable clean energy technology in the National Electricity Market (NEM).

Most Popular

Email Newsletter