In the face of one of its most challenging periods in the energy sector, Cyprus is intensifying its efforts towards a sustainable future, Minister of Energy, Commerce, and Industry George Papanastasiou said on Wednesday. He added that the Ministry has secured €591 million in funding from national and EU funds for the 2021-2027 period to drive the green transition and support households and businesses in their energy needs.

Speaking at the cornerstone-laying ceremony for the Aradippou Municipality's photovoltaic park, where he represented the President of the Republic, Nikos Christodoulides, Papanastasiou highlighted the park's significance. The park, with a total capacity of 2.96 MW, is expected to meet part of the municipality's electricity needs, reducing energy costs and leading Aradippou into a new era of green transition.

Papanastasiou noted that Europe’s energy and climate targets were becoming increasingly ambitious, and that Cyprus has been urged to accelerate its green transition efforts.

"We are working intensively with the competent Ministries to finalize the revised National Energy and Climate Plan, outlining existing and additional measures to achieve these ambitious goals," he said.

He further noted that according to the most recent official statistics from 2022, the share of renewable energy in Cyprus' gross final energy consumption was 19.4%, placing Cyprus 16th among the 27 EU member states. For heating/cooling, Cyprus ranked 8th with a share of 41.6%.

The Minister described the integration of renewable energy sources (RES) into electricity as particularly challenging for Cyprus. The share of RES in electricity stood at just 17%, and Cyprus ranks 23rd in the EU.

Papanastasiou outlined the Ministry's efforts for the 2021-2027 period with a view to address these challenges, including securing €591 million in European and national funds. These funds are aimed at accelerating the green transition and providing concrete support to households and businesses. He pointed out that the Ministry has established a One-Stop-Shop service under the Business Facilitation Unit to streamline RES and energy storage projects.

"We are utilizing these funds to expand, upgrade, and digitize networks, create energy storage infrastructure, operate a competitive electricity market, connect with Israel and Greece, and implement grant schemes for energy efficiency measures and RES use in homes, businesses, transport, and local authorities," Papanastasiou added.

The Ministry, he said, has also secured €40 million for energy storage infrastructure, which can help resolve issues caused by intermittent renewable energy production, reduce electricity cuts from RES, and further integrate RES into electricity generation.

Papanastasiou also said that the Ministry has put the framework for a Grant Scheme for the installation of hybrid storage systems combined with RES projects out for public consultation, concluding on June 14.