Cabinet approves €17M sponsorship scheme for business energy upgrades

By Andreas Karamitas

The Cabinet has approved Mr. George Papastasiou's proposal, the Minister of Energy, Commerce, and Industry, 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 has been allocated for this project, with €10 million coming from the EU's REPowerEU scheme, and the remaining funds from Cyprus SA.

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 towards eligible expenses, including energy-efficient investments and transitioning business models towards circularity.

Large Enterprises can access grants of up to €750,000 under this scheme. Eligible beneficiaries include new and existing large enterprises, either based or planning to establish in Cyprus, except in regions where effective governmental control is hindered by Turkish incursion.

Exemptions from this scheme apply to enterprises involved in fisheries, aquaculture, wine production, and vinegar sectors, as specified in Part II of Annex VII to Regulation 1308/2013 of the Union.

For those seeking more information, a detailed guide to the scheme can be obtained from the Department of Industry and Technology's website.

Applicants should be aware of the designated submission window, to be announced through a relevant call for proposals.

For additional insights, interested parties can contact designated officials at the following numbers: 22867149, 22867236, 22867216.

[This article was translated from its Greek original]