EU-Backed Initiative: Cyprus Initiates Sponsorship Program For Energy Upgrades

The Ministry of Energy, Trade, and Industry (YEEB) of Cyprus has unveiled an opportunity for large enterprises to enhance their energy efficiency and bolster competitiveness through the “Sponsorship Plan for the Energy Upgrade and Strengthening of the Competitiveness of Large Enterprises.” This initiative is part of Cyprus’s Recovery and Resilience Plan (RESP) for the period 2021–2026 and will be funded by the European Union’s Recovery and Resilience Mechanism.

With a total allocation of €17 million, including €10 million from the EU’s new REPowerEU Plan, the Sponsorship Plan targets specific eligible costs aligned with the objectives of REPowerEU. Applications for sponsorship will be accepted through the YEEB’s online Grant Scheme System, starting from April 26, 2024, until June 28, 2024.

The primary objective of the Plan is to support the development and upgrade of large enterprises, with a focus on energy efficiency improvements. Financial support will be provided for eligible costs related to energy-saving investments in buildings, facilities, equipment, and transitioning business operations to a circular model.

Large enterprises can receive sponsorship of up to €750,000, and beneficiaries include both new and existing enterprises established or planning to be established in Cyprus. However, enterprises located in areas not under the effective control of the Republic of Cyprus due to the Turkish invasion are excluded from participation.

While the Plan encourages energy upgrades and competitiveness enhancements, it excludes activities related to fishing, aquaculture, and the production of wine and wine vinegar. Additionally, aid cannot be granted to “problem enterprises” as defined by EU regulations.

Interested parties can access the final Plan Guide and necessary forms from the Industry and Technology Service website. This initiative underscores Cyprus’s commitment to fostering sustainable economic development and promoting energy efficiency within its industrial sector.