Grant Scheme for Energy Upgrade and Strengthening the Competitiveness of Large Enterprises

The Scheme is part of the Recovery and Resilience Plan of Cyprus for the period 2021 – 2026 and will be financed by the Recovery and Resilience Mechanism of the European Union (EU). The total amount that will be allocated for the needs of the Scheme amounts to €17 million, of which €10 million comes from the new EU REPowerEU Plan, through the corresponding capital in Cyprus’ Recovery and Resilience Plan and, therefore, only concerns only categories of eligible costs that serve the objectives of REPowerEU.

It aims to support, develop and upgrade Large Enterprises, including their energy-saving upgrade. The financial aid consists of a grand on specified eligible costs, which concern, among other things, the promotion of energy-saving investments in buildings, facilities or equipment, as well as the transition of business operations to a circular model.

The maximum total amount of government subsidy that can be granted to a Large Business is €750,000. Beneficiaries of the Plan are new or existing Large Enterprises, which are established or will be established in Cyprus; excluding the areas in which the Government of the Republic of Cyprus does not exercise effective control due to the Turkish invasion.

Eligible business activities do not include activities related to the fishing and aquaculture sectors and activities related to the production of wine and wine vinegar included in Part II of Annex VII of Regulation (EU) 1308/2013. Those interested can obtain the Scheme’s Guide (here), which contains all the details; also available on the website of the Industry and Technology Service (https://www.industry.gov.cy/gr/).

It is noted that the Beneficiaries’ applications will be submitted during a specific time period that will be determined in the relevant Call for Proposals  that will be announced.

For more information, those interested can contact the relevant Officers at 22867149, 22867236, 22867216.