This is a best prospect industry sector for this country. Includes a market overview and trade data.
Republic of Cyprus:
The Republic of Cyprus (ROC) seeks to expand the share of renewable energy sources (RES) in the country’s energy mix. Meeting EU mandated reductions in carbon emissions will require increased investment in RES power generation, both at the commercial scale and individual building scale, and a major transformation of road transportation. The ROC government has allocated 41 percent of its $1.2 billion Recovery and Resilience Plan (RRP) funds to secure Cyprus’s green transition with the necessary reforms and investments to achieve climate objectives. It plans to introduce green taxation, finance various support schemes to implement energy efficiency measures and renewable energy investments, contribute to the EuroAsia Interconnector project that will connect Cyprus’ currently stand-alone grid to the EU electricity network, and promote sustainable and green mobility to help it achieve its EU-mandated RES targets The ROC produces 157.5 MW of electricity from wind, 317.8 MW from solar (with 192.8 MW added in the last year), and 14.1 MW from biomass sources. The ROC anticipates a minimum additional capacity of 167.5 MW to be installed by 2023 but wants to raise total RES penetration in the electricity sector by an additional 1,000 MW, mostly through solar power. However, storage technologies will be of paramount importance to stabilize the grid, and to surpass that number until 2030, as the ROC anticipates that without them, it will face significant costs to the energy system.
Under EU-mandated targets, the ROC was required to increase its total energy consumption drawn from RES to 13 percent by 2020. Cyprus achieved 13.8 percent by the end of 2018 and has now reached 16.8 percent. By 2030, the ROC must increase that number to 23 percent. Moreover, it will have to increase transport sector numbers from 7.3 to 14 percent, which will be the ROCs biggest challenge and will require considerable investments to create the necessary infrastructure for RES-propelled transport. The ROC has introduced programs for electric vehicles (EV) and has 18 double charging stations throughout the island. As part of its RRP, the government has allocated funds for its Department of Electromechanical Services to add 1,000 charging stations in the near future. The initial plan is to install 10 fast-charging stations on highways and public roads.
ROC consumer electricity prices are higher than the EU average. The ROC has incentivized use of RES in the ROC’s energy mix through government supported programs.
Area Administered by Turkish Cypriots:
The Turkish Cypriot community passed the “Renewable Energy Resources Law” in 2014, which aims to reduce use of fossil fuels and allow use of alternative energies. The approval and passage of the “law” has drawn the attention of both local businesspeople interested in establishing companies based on RES, as well as household consumers who are interested in using renewable energy. The “Renewable Energy Council” under the “Ministry of Economy and Energy” (website is in Turkish) can provide further information.
Leading Sub-Sectors and Opportunities
Renewable Energy Sources (RES) Power Storage, PV, and Offshore Wind:
The ROC Ministry of Energy, Commerce, and Industry (MECI) and other energy interlocutors are considering RES storage options. This is a potential opportunity for U.S. companies with storage technology equipment and expertise. U.S. companies with photovoltaic or offshore wind technology and products, smart meters and related technology, could find business opportunities with both the government and the private sector.