Image: Greg Montani, Pixabay
By ESS News
Cyprus has introduced its very first energy storage subsidy scheme ever with regard to large -scale renewable energy factories, aimed at a roll -out of 350 MWh.
The scheme has a competitive character and offers EUR 35 million ($ 36 million) for the purchase and installation of energy storage units in addition to existing PV, wind and biomass energy plants.
According to the new legislation, solar, wind and biomass factories that fit up to EUR 166/MWh can claim capital expenses 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 PV and wind farms on solar energy and EUR 115,000/MW for biomass installations. Equipped with EUR 25 million, this category receives the majority of the financing of the scheme.
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