Cyprus Approves €1 Million Solar Water Heating Subsidy Scheme

Cyprus is rolling out a new €1 million subsidy program to help households install or replace solar water heating systems, as the government seeks to lower energy costs and expand the use of renewable energy.

Grant Support Of Up To €900

Approved by the Council of Ministers on Wednesday, the Grant Scheme for Solar Hot Water Systems in Homes 2026 will provide subsidies ranging from €500 to €900, depending on the applicant’s category and the property’s location.

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Energy, Commerce and Industry Minister Michalis Damianou said the scheme aims to encourage households to install or upgrade solar water heating systems, helping reduce energy bills while making greater use of Cyprus’ abundant solar resources.

Targeting Lower Costs And Higher Efficiency

The program will be administered by the Renewable Energy Sources and Energy Conservation Fund and will cover complete solar water heating systems that meet the required technical specifications.

To qualify, installations must be carried out by contractors included in the official registry, while all equipment must appear on the list of approved products. According to the Ministry of Energy, these requirements are intended to ensure the scheme is implemented correctly and to minimise the risk of rejected applications.

Who Qualifies For The Highest Support

The standard subsidy is set at €500. Households in mountain areas will be eligible for grants of up to €900, while vulnerable households will also qualify for the maximum level of support.

Applications Open Until December 2026

Applications will remain open until December 20, 2026, or until 2,000 applications have been submitted, whichever comes first. Damianou encouraged eligible households to review the scheme’s conditions and apply while funding remains available.

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Shein Targets $25 Billion Valuation In Hong Kong IPO As Growth Slows

by News Editor

August 17, 2026

Shein is reportedly targeting a valuation of around $25 billion in its planned Hong Kong IPO, a sharp decline from the nearly $100 billion valuation the online fashion retailer achieved in a 2022 fundraising round.

Two people familiar with the plans said the company was likely to target about $25 billion, while another source put the expected range at $25 billion to $28 billion based on the proposed price band.

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IPO Valuation Falls Sharply

Shein plans to sell up to 8% of its shares in the offering, according to a person familiar with the plans. At a $25 billion valuation, that would translate into an IPO of as much as $2 billion.

The latest target is also below the $30 billion to $40 billion valuation the company was seeking earlier this month as it began meeting with potential investors.

Founded in China in 2012 and now headquartered in Singapore, Shein sells low-cost clothing to consumers in about 160 countries. The company is expected to launch its long-awaited Hong Kong IPO later this week.

Trade Restrictions Weigh On Growth

Shein’s valuation has come under pressure as major markets tighten rules affecting low-cost e-commerce shipments. The European Union, for example, has moved to impose additional fees on cheap parcels from platforms such as Shein and Temu. EU Tightens Rules On Low-Cost E-Commerce Parcels

In the U.S., the removal of an import duty exemption for small packages has also affected the company. Shein reported a $99 million quarterly loss in the first quarter of 2026 as sales growth slowed, while a one-time accounting charge further weighed on its results. Shein Reports First-Quarter Loss Ahead Of IPO

Investors Question Shein’s Growth Prospects

The steep reduction in valuation reflects growing concerns over slower growth, higher trade costs, regulatory pressure and stronger competition across global e-commerce.

Some investors who reviewed Shein’s recent financial statements or attended IPO presentations told Reuters they were skeptical that the company could return to the growth rates that supported its $98.2 billion valuation in 2022. Shein’s Slowing Growth Tests Investor Appetite

A lower IPO valuation could also affect Shein’s existing investors. Under the terms of its IPO filing, the company may have to issue additional shares to certain pre-IPO investors if its valuation falls below agreed thresholds.

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