Cyprus Accelerates Renewable Energy Transition With Ten Photovoltaic Parks

by THEFUTURE.TEAM

April 14, 2026

Overview Of The Project

Cyprus plans to develop ten photovoltaic parks with a combined capacity of 26.7 MW. Projects will be located across multiple regions of the island and form part of renewable energy expansion plans. Installations will cover large land areas and increase solar generation capacity within the national energy mix.

Major Installations And Energy Production

The largest project is located in Tseri, covering 90,497 square meters with a capacity of 7.99 MW. A second major installation in Kornos, Larnaca district, will cover 46,538 square meters. Additional projects include Milia (1.547 MW), Agia Varvara (1.20 MW), Pahna (2.5 MW), Anogyra (1.5 MW), Lania (2 MW), Dromolaxi (2.76 MW), Tersefanou (2 MW), and Tseri (7.99 MW).

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Enhanced Energy Storage And Automation

The Kornos project includes an energy storage system with a capacity of 3 MW / 12 MWh. The system is designed to support electricity production and improve the integration of renewable energy. Annual output is estimated at 8,200 MWh under standard operating conditions. Automation systems will manage production and grid interaction.

Environmental Impact And Zoning Considerations

Environmental assessments have been completed, and projects are currently under public consultation. Several sites are located within agricultural zones, which has previously raised public discussion. Projects aim to reduce reliance on fossil fuels and lower greenhouse gas emissions. Some plots also fall within urban planning zones in addition to agricultural classifications.

Strategic Site Selection And Community Integration

The Tseri installation is located approximately 1,140 meters from residential areas, with land classified under GA4 agricultural zoning and partially under DA2 protection zones. The Kornos site is positioned around 550 meters from nearby residential areas, including Pyrgon in Larnaca. In some cases, individual properties are located near project boundaries, with the closest residence approximately 55 meters from one site.

Integration With Local Landscapes And Industry

Project plans include maintaining existing vegetation to limit environmental impact. Locations are situated near existing infrastructure, including the B1 Nicosia–Limassol road and the A1 motorway. Industrial activity is also present in nearby areas, including a concrete processing facility, reflecting mixed land use around project sites.

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Cyprus Banks Urged To Focus On Long-Term Resilience As Profits Remain Strong

by THEFUTURE.TEAM

June 26, 2026

The Cypriot banking sector remains in a strong position, supported by solid capital buffers and overall financial stability, according to speakers at the annual general meeting of the Association of Cyprus Banks. At the same time, government officials and regulators stressed that maintaining this position will require continued discipline and long-term planning.

A Strong Sector, But Not A Complacent One

Finance Minister Makis Keravnos used the meeting to highlight concerns over draft laws recently passed by parliament, which, according to the Ministry of Finance, the Central Bank and the Legal Service, may contain constitutional, legal and institutional issues. Those concerns, he noted, led to presidential referrals and remittals to the Supreme Court.

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Keravnos also said the European Central Bank had been consulted on proposed measures concerning the suspension of foreclosures and the restructuring of loans and guarantees, adding that the ECB had expressed its own concerns.

Profitability Should Reflect Real Economy Lending

While acknowledging that the banking sector remains highly profitable, Keravnos said earnings are expected to reach around €1 billion in 2025, lower than in 2024 as interest-rate conditions gradually normalize.

He said he would prefer bank profitability to rely more on lending to businesses operating in productive sectors and less on the widening of European Central Bank interest-rate spreads.

According to the minister, Cyprus’ return to investment-grade status after 11 years has strengthened the country’s appeal to foreign investors, technology companies and startups. He said this should encourage banks to offer financing that better supports businesses while improving the diversification of their loan portfolios.

The Central Bank’s Warning: Strength Today Is Not A Guarantee Tomorrow

Central Bank Governor Christodoulos Patsalides also warned against complacency, saying the sector’s current strength should not be taken for granted.

“The Cypriot banking sector is strong today. But strength that truly matters is not exhausted by a capital ratio, a profit line or a favorable cycle,” he said.

Patsalides added that lasting resilience depends on institutions remaining strong as conditions change, risks become more complex, and competition evolves. In his view, that requires sufficient capital buffers, adaptable infrastructure and management teams prepared for changing market conditions.

Long-Term Resilience Over Short-Term Gains

Patsalides also stressed that banks should focus on long-term resilience rather than short-term performance. Decisions on dividend policy, capital allocation and the use of resources, he said, should take into account continued investment in technology, operational resilience, human capital and long-term adaptability.

He added that banks able to remain competitive over time will be those that invest early in strengthening their capacity to adapt and respond to future challenges.

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