Grant Scheme for Energy Storage: Details and Application Process
€35 Million Initiative Opens in February
The Ministry of Energy, Commerce, and Industry has published a comprehensive guide on the Grant Scheme for Energy Storage Systems in combination with Renewable Energy Projects (RES). The scheme aims to inform interested parties about its details and the application process, which will run from February 14 to March 28, 2025.
With a total budget of €35 million, the scheme seeks to lower electricity costs for consumers while accelerating the country’s green energy transition.
According to the Ministry, households will benefit from reduced energy curtailment in RES projects. Instead of excess renewable energy being wasted, it will be stored for later use.
Additionally, energy storage reduces the need to export electricity to the grid, increasing grid capacity for more household photovoltaic systems.
The scheme also contributes to lowering overall energy costs by optimizing the integration of cheaper electricity generated from renewable sources.
Eligible applicants include individuals and legal entities engaged in electricity production from renewable energy sources.
Beneficiaries fall into four categories:
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RES Power Generation Units receiving a total sale price (FiT) of up to €166/MWh.
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RES Power Generation Units receiving a total sale price (FiT) above €166/MWh and up to €250/MWh.
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RES Power Generation Units receiving a total sale price (FiT) above €250/MWh and up to €340/MWh.
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Self-consumption systems using net billing or self-production methods.
The scheme aims to support energy storage systems with an approximate capacity of 150 MW and a total storage capacity of around 350 MWh. The funding is provided under the "Th.AL.E.I.A 2021-2027" Cohesion Policy Program through the Just Transition Fund.
The electronic application process opens on February 14, 2025, and will remain available until March 28, 2025. Applications and required documents must be submitted via the online platform https://bfu.meci.gov.cy.
For further information, interested parties can contact the relevant officers at +357 22409385 and +357 22867203 or via email at [email protected].
