Large businesses can benefit from €17 m energy upgrade scheme

The Ministry of Energy has announced the call for proposals under the "Granting Plan for the Energy Upgrade and Strengthening of the Competitiveness of Large Enterprises" for a total amount of €17 million financed by the Recovery and Resilience Mechanism of the European Union (EU).

As stated in an announcement by the Ministry, the plan is included in the Recovery and Resilience Plan (RESP) of Cyprus for the period 2021 – 2026, with €10 million of the sponsorship coming from the new EU REPowerEU Plan, through the corresponding capital in the Resilience Cyprus , relating only to categories of eligible costs that serve the objectives of REPowerEU.

The purpose of the scheme is to support, develop and upgrade Large Enterprises, including their energy upgrade. The financial support consists of providing subsidies for specified eligible costs related, among other things, to the promotion of energy-saving investments in buildings, facilities or even equipment, as well as the transition of business operation to a circular model.

The maximum total amount of subsidy that can be granted to a Large Business is €750,000.

Beneficiaries of the Scheme are new or existing Large Enterprises, which are established or will be established in Cyprus, excluding the areas in which the Government of the Republic of Cyprus does not exercise effective control due to the Turkish invasion.

Eligible business activities do not include activities related to the fishing and aquaculture sectors, as well as the production of wine and wine vinegar included in Part II of Annex VII of Regulation (EU) 1308/2013.

The proposal submission period will begin on 16 April, 2024 at 9am and applications will only be accepted through the YEEB's online Grant Scheme System, on the website https://fundingapps.meci.gov.cy, using Chrome, Firefox and Edge, until 28 June, 2024 at 11.59pm.

The order of priority will be determined based on the order in which proposals are submitted (immediate evaluation) and the maximum amount of approvals will not exceed the available budget of the Scheme.

It is emphasized that it is not allowed to grant aid to "problem enterprises", as defined in Article 1, point 4, point c (1.4.c) and Article 2, point 18 (2.18) of Regulation (EU) No. 651/2014.

Finally, it is mentioned that those interested can obtain the final Scheme Guide, in which all the details are mentioned, as well as other required forms or documents, from the website of the Industry and Technology Service (https://www.industry.gov.cy/gr/)

For more information, those interested can contact the relevant Officers at 22867149 and 22409323.

(Source: InBusinessNews)