Cyprus announces 20 million euro grant scheme for business energy storage

Cyprus Energy Minister Michalis Damianos has announced a new government grant scheme worth 20 million euros aimed at supporting businesses in the installation of energy storage systems. Unveiled at the Larnaca Chamber of Commerce and Industry Annual General Meeting, the initiative is designed for companies that either already operate or plan to install photovoltaic systems for self-consumption. The total budget will be distributed in two equal installments of 10 million euros each in 2027 and 2028.

The ministry has completed the consultation phase regarding the draft guidelines and aims to launch the program as soon as possible. By enabling businesses to store surplus energy, the scheme intends to reduce reliance on the national electricity grid and lower operational costs. Beyond this grant, Minister Damianos emphasized the strategic importance of the Vasilikos Energy Centre, confirming that the site's central firefighting system is scheduled for completion in February 2027. Additionally, the government is currently developing a governance framework to improve the oversight and management of the Energy Centre.