Cyprus funds firms’ energy upgrades
The Cypriot cabinet has approved the proposal by the minister of energy, commerce and industry, George Papanastasiou, regarding the grants initiative aimed at enhancing upgrades and strengthening the competitive edge of major enterprises.
This initiative, scheduled to operate from 2021 to 2026, will be funded by the European Union’s Recovery and Resilience Mechanism. A significant sum of 17 million euros has been allocated for this project, with €10 million coming from the European Union’s REPowerEU scheme, and the remaining funds from the state budget.
Prospective applicants interested in the Ministry of Commerce must meet specific criteria. The scheme’s primary objective is to support the growth and modernization efforts of large enterprises, focusing on improving their energy efficiency. Financial support will be directed toward eligible expenses, including energy-efficient investments and transitioning business models toward circularity.
Large enterprises can access grants of up to €750,000 each under this scheme. Eligible beneficiaries include new and existing large enterprises, either based or planning to establish in Cyprus, in all government-controlled areas.
