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Cyprus To Add 125MW Of Battery Storage Before Summer 2027

Electricity storage batteries are expected to arrive in Cyprus in January 2027, with installation scheduled to be completed before next summer’s peak demand season, Energy Minister Michael Damianos said on Sunday.

Storage Capacity Set To Expand Grid Flexibility

Damianos said contracts have already been signed with the supplier and the Transmission System Operator (TSO) for the battery storage project.

Once operational, the facilities will add 125 megawatts (MW) of storage capacity to the national grid, allowing more renewable electricity to be stored instead of being curtailed during periods of excess generation. The minister said the system is expected to be operational before the summer of 2027.

Addressing Evening Demand

Cyprus currently has just over 1,000MW of conventional electricity generation, which Damianos said is generally sufficient during daytime hours. Demand becomes more challenging after sunset, when solar generation falls while electricity consumption, driven largely by air-conditioning, remains high.

He said battery storage will allow electricity generated during the day to be used during the evening peak.

Additional Projects Under Development

Damianos said approvals have also been granted for 150MW of privately owned battery storage projects, which are expected to become operational during 2027.

The Electricity Authority of Cyprus (EAC) is developing an additional 180MW of storage capacity. Two projects, with capacities of 80MW and 100MW, are expected to be completed before next summer.

According to the minister, several hundred megawatts of battery storage capacity are expected to be connected to the national grid by the end of 2027.

Power Supply Before The Batteries Arrive

Asked how electricity demand would be managed before the storage projects are completed, Damianos said the Transmission System Operator considers the system capable of meeting demand under normal operating conditions.

He said last week’s power supply disruptions were caused by a fault at one of the EAC’s generators and that both the utility and the TSO are working to maintain system reliability with the existing generation capacity.

Damianos added that, provided there are no unexpected outages, the electricity system is expected to remain stable, with the period immediately after sunset continuing to pose the greatest challenge.

Cyprus Property Deals Reach €286 Million Despite Second-Quarter Uncertainty

Cyprus’ high-end property market remained active in the first half of 2026, although geopolitical uncertainty may have weighed on investment activity during the second quarter.

€286.4 Million Across The 50 Largest Deals

Property transactions worth a combined €286.4 million ranked among Cyprus’ 50 highest-value deals completed between January and June, according to real estate analytics firm Ask Wire.

Examining the country’s biggest sales across all districts, the report found that the 10 largest transactions alone accounted for €161.7 million, highlighting the concentration of activity at the upper end of the market.

Limassol Extends Its Lead

A €55 million sale involving a building and adjoining fields in Moni was the largest property transaction recorded during the period.

Six of the country’s 10 biggest deals took place in Limassol, with a combined value of €117.2 million. Paphos followed with three transactions worth €35.5 million, while Larnaca recorded one €9 million sale.

Across the broader ranking, Limassol’s 10 largest transactions reached €148.2 million, representing 51.7% of the total value of the top 50 deals. Paphos followed with €68.8 million (24%), while Nicosia recorded €26.7 million. Famagusta narrowly surpassed Larnaca, reaching €21.4 million compared with €21.2 million.

Land Continues To Drive High-Value Deals

According to Ask Wire CEO Pavlos Loizou, land acquisitions continue to dominate Cyprus’ largest property transactions.

“The land market dominates the list of the 10 highest-value property transactions, with seven sales involving fields and plots.”

Many of those sites are expected to be developed into luxury residential and hospitality projects, he added.

Office Demand Remains Strong

Growing demand for office space also reflects the expansion of international companies establishing operations in Cyprus, Loizou said.

“We continue to observe growing demand for office properties, reflecting the expansion of the new ecosystem of international companies that has been establishing itself in Cyprus in recent years.”

Eight of the 10 largest transactions were completed during the first quarter of 2026, with activity slowing in the following three months.

Loizou said the slowdown may reflect investor caution linked to the conflict in the Middle East, which appears to have influenced investment decisions during the second quarter.

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