Cyprus Greenlights €17 Million Plan To Boost Energy Efficiency In Large Enterprises

In a significant move towards enhancing energy efficiency, the Council of Ministers in Cyprus has given approval to the “Granting Plan for Energy Upgrade and Strengthening the Competitiveness of Large Enterprises.” As part of Cyprus’s Recovery and Resilience Plan for 2021–2026, the initiative will receive €17 million in funding from the European Union’s Recovery and Resilience Mechanism.

Proposed by the Minister of Energy, Trade, and Industry, George Papanastasiou, the plan aims to support, develop, and upgrade large enterprises, with a focus on energy efficiency measures. The financial aid provided will sponsor eligible costs related to energy-saving investments in buildings, facilities, and equipment, as well as the transition of business operations to a circular model.

The total funding includes €10 million from the new EU REPowerEU Plan, specifically allocated through the corresponding capital in SAA Cyprus, targeting categories of eligible costs aligned with the objectives of REPowerEU.

Large enterprises, both new and existing, established or to be established in Cyprus, excluding areas not under the effective control of the Republic of Cyprus due to the Turkish invasion, are eligible beneficiaries. The Plan sets a maximum total sponsorship amount of €750,000 for each large business.

The detailed Plan Guide, containing all relevant information, can be obtained from the Industry and Technology Service’s website. Interested parties are encouraged to stay updated for the announcement of the specific time period for submitting applications, which will be detailed in the upcoming Call for Proposals.