At the initiative of the Cypriot Minister of Energy, Trade and Industry, Giorgos Papanastasiou, the Cabinet of Ministers approved a new program "Financing for Energy Modernization and Competitiveness of Large Enterprises".
Under the government scheme, Cypriot companies will be able to count on grants of up to €750,000.
The project is included in the Cyprus Recovery and Resilience Plan (RESP) 2021-2026 and will be funded by the European Union (EU) Recovery and Resilience Mechanism. The total amount to be allocated for the program will amount to €17 million, of which €10 million will come from the EU's new REPowerEU project.
According to Papanastasiou, the new government scheme aims to support, develop, and modernize large enterprises, including their energy modernization.
The financial assistance will consist of providing sponsorship for certain eligible expenditures that relate to, among other things, promoting energy-saving investments in buildings, premises, or equipment, as well as shifting business operations to a closed-loop model. In other words, the program consists of:
- modernizing energy systems and supporting large businesses;
- promoting a circular economy.
The maximum total amount of sponsorship that can be granted to a large business under this proposal will be 750 thousand euros. The beneficiaries of the program are new or existing large businesses in Cyprus. Exception: companies that operate in the fisheries and aquaculture and wine and wine vinegar sectors included in Part II of Annex VII of Regulation (EU) 1308/2013.
Acceptance of applications for the program will start shortly. More information about the project can be found on the website industry.gov.cy or by calling 22 867149, 22 867236, and 22 867216.