Cyprus introduces energy storage subsidy scheme

Cyprus’ Ministry of Energy, Commerce and Industry has launched a subsidy scheme for energy storage systems paired with existing renewable energy plants. Eligible projects will be remunerated by feed-in tariffs (FiTs) or net billing systems.

From ESS News

Cyprus has introduced its first ever energy storage subsidy scheme concerning large-scale renewable energy plants, targeting a 350 MWh rollout.

The scheme has a competitive character, offering EUR 35 million ($36 million) for the purchase and installation of energy storage units alongside existing PV, wind and biomass power plants.

Under the new legislation, solar, wind and biomass plants that receive FiTs up to EUR 166/MWh can claim capital expenditure for the purchase and installation of storage capacity up to EUR 100,000/MWh.

However, there is a subsidy cap of EUR 300,000/MW for solar PV and wind farms and EUR 115,000/MW for biomass installations. Equipped with EUR 25 million, this category will receive the scheme’s largest portion of funding.

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