The Ministry of Energy has today published guidelines for its €35 million energy storage scheme, previously approved by the Council of Ministers, aimed at promoting energy storage solutions across the country.
The scheme, funded through the ‘THALIA 2021-2027’ Cohesion Policy Programme and the Just Transition Fund, targets approximately 150MW of storage capacity with total storage capabilities of around 350 MWh.
The initiative aims to reduce electricity costs for citizens whilst supporting the country’s green energy transition. Benefits include reduced curtailment of renewable energy production and increased grid capacity for residential solar installations.
Eligible participants include both individuals and legal entities operating in renewable energy production, categorised into four groups based on their feed-in tariff rates:
- Renewable energy units receiving total sales prices (FiT) up to €166/MWh
- Units receiving between €166/MWh and €250/MWh
- Units receiving between €250/MWh and €340/MWh
- Self-consumption systems using net-billing or self-generation methods
Applications will be accepted electronically from February 14 to March 28 through the platform https://bfu.meci.gov.cy.
Further information is available from ministry officials at +357 22409385 and +357 22867203, or via email at bfures@meci.gov.cy.
