Cyprus introduces energy storage subsidy scheme

Cyprus introduces energy storage subsidy scheme Cyprus’ Ministry of Energy, Commerce and Industry has launched a subsidy scheme for energy storage systems paired with existing renewable energy plants. Eligible projects will be remunerated by feed-in tariffs (FiTs) or net billing systems. February 12, 2025 Ilias Tsagas Commercial & Industrial PV Distributed Storage Energy Storage Energy Storage Installations Markets Markets & Policy Microgrid Minigrid Policy Residential PV Utility Scale PV Utility Scale Storage Cyprus Middle East Image: Greg Montani, Pixabay Share From ESS News Cyprus has introduced its first ever energy storage subsidy scheme concerning large-scale renewable energy plants, targeting a 350 MWh rollout. The scheme has a competitive character, offering EUR 35 million ($36 million) for the purchase and installation of energy storage units alongside existing PV, wind and biomass power plants. Under the new legislation, solar, wind and biomass plants that receive FiTs up to EUR 166/MWh can claim capital expenditure for the purchase and installation of storage capacity up to EUR 100,000/MWh. However, there is a subsidy cap of EUR 300,000/MW for solar PV and wind farms and EUR 115,000/MW for biomass installations. Equipped with EUR 25 million, this category will receive the scheme’s largest portion of funding. To continue reading, please visit our ESS News website. This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com. Deye debuts off-grid inverters for residential PV 10 February 2025 Deye said its new single-phase off-grid inverters have an AC output power ranging from 3.6 kW to 6 kW. The systems feature a maximum efficiency of 97...This content was collected from the Internet. If you want to it, please contact grace solar management.