Cyprus vigorously develops photovoltaic power generation

The Ministry of Energy, Commerce and Industry of Cyprus recently announced that it will launch the "National Photovoltaic" program starting from this year, investing 90 million euros in the next three years to increase the use of photovoltaic panels, enhance photovoltaic power generation capacity, and reduce household electricity bills. This year, the Cyprus government is expected to provide subsidies for approximately 6000 households to install rooftop photovoltaic systems, and these households can choose to share the cost of installing photovoltaic systems with their subsequent electricity bills. Local media believe that the plan is expected to significantly reduce household electricity bills and accelerate the country's green transformation.

As a country with a shortage of traditional energy and high energy prices, Cyprus has placed greater emphasis on the development of renewable energy in recent years, with plans to increase the proportion of renewable energy to 22.9% by 2030. Cyprus has an average annual sunshine duration of over 300 days, which provides unique conditions for the development of photovoltaic power generation. In 2022, the Cyprus government began to increase subsidies for household photovoltaic power generation and house insulation renovation, with subsidies for installing solar panels in households almost doubling. According to the prediction of the Ministry of Energy, Commerce and Industry of Cyprus, nearly half of the country's households will have solar panels by 2030.

According to official data from Cyprus, the country's photovoltaic installed capacity has exceeded 350 megawatts. The government also plans to build a 72 megawatt photovoltaic park near the capital city of Nicosia, with an investment of over 70 million euros. To address the shortage of photovoltaic energy storage equipment, the Cyprus government has received a funding of 40 million euros from the European Union's Fair Transition Fund for the construction of centralized energy storage facilities, which are planned to be centrally managed by operators after completion.

In addition to photovoltaic power generation, Cyprus is also developing other types of renewable energy. The largest wind farm in the country is located in the Paphos Mountains in the southwest, equipped with 41 wind turbines and an installed capacity of 82 megawatts, equivalent to 5% of the country's total power generation capacity. Cyprus has also jointly developed its first green hydrogen project with German companies and received financial support of 4.5 million euros from the EU Innovation Fund in 2022. It is expected to produce 150 tons of green hydrogen annually after completion. In 2023, Cyprus and eight EU member states in the Mediterranean region signed a joint declaration aimed at promoting the Mediterranean region as a green energy hub in Europe, and called on the European Commission to consider establishing a green energy interconnection corridor between countries with abundant renewable energy resources in Europe and North Africa.

It is understood that the Cypriot government is trying to establish an electric power interconnection network connecting Greece and Egypt. The network is expected to be initially completed in 2027, when Cyprus can export renewable energy power to European and African countries, making contributions to the energy transformation of regional countries.