Following the approval, in November 2024, by the Council of Ministers of the “Grant Scheme for Energy Storage Systems in Combination with Renewable Energy Sources (RES)”, the Ministry of Energy, Trade and Industry publishes today the relevant Guide, so that interested parties can be informed about the details of the Scheme, as well as the application submission process.

The Scheme, with a total budget of €35 million, aims to reduce the cost of electricity for citizens, while simultaneously strengthening the country’s green energy transition.

At Green Energy Group, we support commercial producers of photovoltaic parks and businesses to take advantage of this important opportunity. Through our excellent know-how, we offer the ideal energy solution and undertake the submission of the study and implementation of the project.

Objectives and benefits:

Benefit for household consumers due to reduced RES energy production cuts, as instead of being discarded, energy from RES projects will be stored.
Energy storage reduces energy export to the grid and therefore increases the grid capacity for more household photovoltaics.
Reduction in energy costs due to the optimization of the penetration of cheaper electricity from RES.

Beneficiaries:

Natural and legal entities operating in the RES electricity production sector are eligible to participate. Beneficiaries are categorized into four groups:

• RES Energy Production Units that receive a total sales price (FiT) lower than or equal to €166/MWh.
• RES Energy Production Units that receive a total sales price (FiT) higher than €166/MWh up to €250/MWh.
• RES Energy Production Units that receive a total sales price (FiT) higher than €250/MWh up to €340/MWh.
• Self-consumption systems with the net-billing or self-production method.

Support and Financing:

The project aims to support storage with a capacity of approximately 150MW, and a total storage capacity of approximately 350 MWh. The financing is provided within the framework of the Cohesion Policy Program “Θ.Α.Ε.Ι.Α 2021-2027”, from the Just Transition Fund.

Application Procedure:

The online submission of applications will begin on February 14, 2025 and will remain open until March 28, 2025. Applications and required supporting documents should be submitted via the platform https://bfu.meci.gov.cy, using the Chrome or Firefox or Edge browsers.

For more information, interested parties can contact the relevant officers at 22409385 and 22867203 or via email at bfures@meci.gov.cy.