Cyprus announces 20 million euro energy storage grant for businesses

Cyprus Minister of Energy, Commerce and Industry, Michalis Damianos, announced a 20-million-euro grant scheme to support energy storage systems for businesses during the annual general meeting of the Larnaca Chamber of Commerce and Industry. The program targets companies that already operate or plan to install photovoltaic systems for self-consumption. The budget will be distributed over two years, with 10 million euros allocated in 2027 and another 10 million euros in 2028.

According to the Ministry, the consultation process for the draft guide is complete, and the official announcement is expected shortly. This initiative aims to help businesses increase energy efficiency, reduce dependence on the national grid, and lower operational costs. During the address, Minister Damianos also emphasized the strategic importance of the Larnaca region, specifically the Vassiliko Energy Center. He confirmed that the central fire protection system at Vassiliko is scheduled for completion in February 2027, alongside ongoing efforts to establish a governance body for the energy hub to improve operational coordination.