[PIO] Grant Scheme for the Energy Upgrading and Competitiveness of Large Enterprises

The Council of Ministers approved today, on the proposal of the Minister of Energy, Trade and Industry, Mr.Giorgos Papanastasiou, the "Plan of Grants for the Energy Upgrading and Competitiveness of Large Enterprises".

The Project is included in the Cyprus Recovery and Resilience Plan (CRP) for the period 2021-2026 and will be funded by the European Union (EU) Recovery and Resilience Mechanism.

The total amount allocated for the needs of the Project amounts to €17 million, of which €10 million will come from the new EU "REPowerEU" scheme, through the corresponding chapter in the Cyprus DCF and therefore only for categories of eligible expenditure that serve the objectives of "REPowerEU".

The Plan aims to support, develop and upgrade Large Enterprises, including their energy upgrading.

The Plan aims to support, develop and upgrade Large Enterprises, including their energy upgrading. The financial support consists in the provision of a grant on defined eligible costs relating, inter alia, to the promotion of energy saving investments in buildings, facilities and/or equipment, as well as the transition of the enterprises' operations to a circular model.

The maximum total amount of grant that can be awarded to a Large Enterprise is €750,000.

The beneficiaries of the Scheme are new or existing Large Enterprises, established or to be established in Cyprus, with the exception of those that are not yet established in Cyprus.