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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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Eurobank Wins Two Euromoney Awards Following Cyprus Merger

Eurobank has been named Cyprus’ Best Bank for 2026 by Euromoney, while also receiving the award for Best Bank for Large Corporates at the publication’s latest Awards for Excellence.

Merger Marks A Milestone

The awards recognise the bank’s performance during 2025, a year marked by the completion of the legal merger between Hellenic Bank and Eurobank Cyprus. The transaction created Eurobank Limited, which the group says is now Cyprus’ largest banking and insurance organisation, with assets exceeding €28 billion.

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Euromoney’s Awards for Excellence evaluate banks’ performance over the previous calendar year, with this edition covering January 1 to December 31, 2025.

Lending, Customers And Digital Growth

Eurobank said its business lending portfolio expanded by around 17 per cent during 2025, while its customer base grew to more than 710,000 retail clients and 11,500 business customers.

The bank also continued its digital expansion, saying more than 96 per cent of transactions are now completed through digital channels, and most financing applications are submitted via its mobile app.

Expanding International Presence

Eurobank also highlighted the opening of its first representative office in India, describing the move as a step toward strengthening business links between Cyprus and India while supporting Cyprus’ role as a gateway to the European Union for Indian businesses and investors.

According to the bank, Euromoney recognised not only the successful completion of the merger but also its lending growth, digital transformation and contribution to Cyprus’ position as an international business and investment hub.

CEO On The Awards

“The Euromoney awards confirm Eurobank’s strong momentum and the successful implementation of our group’s strategy in Cyprus,” Chief Executive Michalis Louis said.

He said the merger strengthened the bank’s ability to support households, businesses and the wider economy, while highlighting continued investment in digital services and the opening of the representative office in India as key milestones during the year.