ENERGY

Tech giants eye project in Cyprus

Tech giants eye project in Cyprus

Major companies like Tesla and Samsung have expressed interest in developing a battery-based electricity storage system in Cyprus, according to Energy, Trade and Industry Minister George Papanastasiou. He announced on Tuesday that formal tenders for the 150-megawatt project will be issued in September.

Papanastasiou outlined the government’s strategy to lower electricity costs, which he termed essential for enhancing the country’s economic competitiveness. The strategy is built on three pillars to turn Cyprus into an energy hub.

The first pillar is the rapid establishment of a liquefied natural gas import terminal for power generation. This project is expected to reduce pollutants by 35-40% and lower electricity costs by cutting down on the annual production of 3 million tons of carbon dioxide.

The second pillar focuses on expanding renewable energy use. Cyprus produces 750 MW from photovoltaics, but only 19% is integrated into the grid, so the government plans to create a battery storage system with private sector involvement and a €40 million subsidy. The third pillar is the interconnection with Greece’s grid.

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