1. The current procedure aims to facilitate investments by final beneficiaries in both existing and newly developed capacities for generating electricity from RES for storing electricity, as highlighted in the National Energy and Climate Plan[1]. MECI is the responsible entity for monitoring and reporting.
  2. Investment support will be allocated specifically for acquiring and setting up new and refurbished capacities, focusing on established technologies[2] while excluding experimental R&D storage systems.
  3. This process targets electrical energy production installations, with no limitations on RES that include local storage, as it provides investment aid specifically for storage. Mature renewable energy technology criteria will include, but not be limited to, the following technologies: lithium-ion batteries, sodium-sulphur batteries, flow batteries, pumped hydro storage, thermal storage plants, etc. Additional details will be solicited for these systems, and if they meet the minimum requirements established by the TSOCy/DSO, they may receive preliminary approval to continue with their application under the second round (bidding process) of the Scheme. It should be noted that technologies not included in the Scheme announcement, will not be barred from future calls. Eligible candidates must demonstrate financial and technical viability and will be chosen based on competitive bids within the tender’s limit.
  4. This Scheme includes categories that build upon existing support programs aimed at promoting electricity generation from RES, historically announced by MECI and the RES Fund. It is specified that the whole process for this Scheme, including the competitive application selection offering the most favourable bids for each category, is not subject to Public Procurement Law regulations.
  5. To effectively apply for the current support scheme, potential investors should focus on key considerations related to policy decisions and regulatory compliance. Prioritize understanding and adhering to the rules and procedures outlined by the Scheme, ensuring that proposed projects align closely with the objectives and criteria set by the EU recommendations[3]. Emphasise the importance of demonstrating how the investment will contribute to Europe’s energy transition goals, such as enhancing renewable energy integration or improving grid stability. Additionally, highlight any measures to ensure compliance with existing and forthcoming EU energy storage regulations. Conduct thorough due diligence to assess project feasibility, risks, and potential impacts and provide comprehensive documentation substantiating the project’s viability and alignment with the support scheme’s objectives.

[1] Ενημέρωση, Στρατηγικός Σχεδιασμός, Αναθεώρηση Εθνικού Σχέδιου δράσης για την Ενέργεια και το Κλίμα, Υπηρεσία Ενέργειας, Υπουργείο Ενέργειας, Εμπορίου και Βιομηχανίας (energy.gov.cy)

[2] Technology must have been used internationally in electricity storage facilities which participate in electricity markets and have been put into operation within the period 2018-2024, with a total energy capacity equal to or greater than 1,000 MWh worldwide.

[3] Energy storage (europa.eu)


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