Electricity

Tesla, Samsung interested in 150 MW battery storage tender in Cyprus

Tesla Samsung 150 MW battery storage tender Cyprus

Photo: Sungrow EMEA on Unsplash

Published

June 28, 2024

Country

Comments

comments icon

0

Share

Published:

June 28, 2024

Country:

Comments:

comments icon

0

Share

Cyprus plans to launch a tender in September to support the installation and operation of battery energy storage systems of 150 MW in total, Minister of Energy, Commerce and Industry George Papanastasiou said. He revealed that Tesla and Samsung have expressed interest. It is the only non-interconnected country in the EU, struggling to handle the surplus in solar power production.

The only way to improve the competitiveness of the Cypriot economy is in three pillars that the government has determined, Minister of Energy, Commerce and Industry George Papanastasiou said. The aim is to reduce electricity prices.

The first part of the strategy is building a liquefied natural gas (LNG) import terminal for power plants, he pointed out. It would immediately cut pollution by 35% to 40%, Papanastasiou claimed. The current carbon dioxide emissions of three million tons incur EUR 300 million in costs, he underscored. They are passed on to the electricity consumer, he explained.

Batteries are necessary to integrate photovoltaics

Renewables and primarily photovoltaics are the second pillar, according to Papanasthasiou. The solar power capacity in Cyprus reached 750 MW but only 19% of output reaches the grid, he noted. Being the only non-interconnected country in the EU, it is struggling to handle the surplus in the segment.

“It is unthinkable,” the minister stressed. He said a tender for state aid to battery energy storage systems (BESS) of an overall 150 MW in operating power is up for public discussion. The government intends to kickstart the procedure in September.

Big global names such as Tesla and Samsung “and a few others” have expressed interest in participating, Papanasthasiou revealed. The subsidy package amounts to EUR 40 million.

Cyprus wants to assign EU funding as its stake in electricity interconnection with Greece

The remaining pillar is the Great Sea Interconnector with Greece. Papanasthasiou said the government is waiting for a cost-benefit study within its bid to redirect the European Union’s funding into an ownership stake. Cyprus proposed a sum of EUR 100 million.

It would imply finding capital to fill the gap and a likely increase in the costs for taxpayers. The project for the subsea cable will be completed by mid-2029, the minister claimed.

Turning to electricity market liberation in the island country, Papanasthasiou said the target date is July 2025.

Notably, the Ministry of Finance estimated green transition investments in Cyprus by 2030 at more than EUR 3 billion. One third is from EU chests, and the rest it sees coming from the private sector and the state budget.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

macedonia mepso ebrd loan grid renewables koka basso bozinovska

MEPSO secures funds for grid investments; upgrade to enable connecting 1.2 GW of renewables

23 July 2024 - MEPSO and the European Bank for Reconstruction and Development (EBRD) have signed an agreement on a EUR 26.4 million loan

fiat grande panda stellantis serbia electric cars automobiles

Stellantis starts producing electric cars in Serbia

22 July 2024 - With the announced state subsidies, Fiat Grande Panda from the Kragujevac plant could cost around EUR 18,000

eds ceo biljana komnenic elektrodistribucija srbije

Biljana Komnenić takes helm of Serbia’s DSO

22 July 2024 - The Government of Serbia has dismissed the acting director of distribution system operator Elektrodistribucija Srbije, Bojan Atlagić

serbia dso eib loan smart meters elektrodistribucija srbije dubravka de groot

Serbia secures EUR 80 million to replace 400,000 smart electricity meters

22 July 2024 - Distribution system operator Elektrodistribucija Srbije and the European Investment Bank have signed an EUR 80 million loan agreement