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€80 mln for RES energy battery storage

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Energy is an area of potential cooperation that was discussed during the state visit to the island of Germany’s President Frank-Walter Steinmeier.

Talking to the press, Cyprus President Nikos Christodoulides said that they discussed seeking German knowhow on renewables and electricity energy storage.

Asked why Cyprus does not utilise renewable energy sources (RES) as much as it could, Christodoulides said: “You are absolutely right and the question is very timely. We are making significant strides, especially in recent years.

“Today we have 50% production from RES. Unfortunately, only 19% of our electricity mix is from renewable energy sources, due to the lack of storage capacity for electricity generation from RES.

“It is for this reason that within 2024 the government will announce two projects, with a total value of approximately 80 mln euros, precisely to develop batteries in which we will be able to store the energy produced by RES.

“It is an issue that – and we discussed it with the German President – we want and desire the technical support from the German government as well,” Christodoulides concluded.

Steinmeier Germany is open to this technology, and especially energy.

“We are ready and willing to share our know-how with other countries and we will raise the issue when we return to Berlin,” the German president concluded.