Cyprus Charges Ahead with Large-Scale Battery System: A New Era for Energy Storage

by News Editor

May 19, 2025

In an ambitious move towards a sustainable energy future, Cyprus is set to operationalize its first large-scale electricity storage system within the next 16 months. This landmark project, unveiled by Energy Minister George Papanastasiou at the Green Agenda Cyprus Summit in Nicosia, addresses the critical bottleneck in renewable energy expansion—energy storage.

The minister emphasized, “The future lies in storage, with chemical batteries being the immediate solution.” Current plans by the Electricity Authority of Cyprus (EAC) involve installing storage systems at Dhekelia and Moni power plants, projected to stabilize the grid significantly. This endeavor is part of a broader strategy to enhance efficiency and reduce energy waste.

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Looking ahead, Cyprus eyes potential growth in renewable energy capacity, aspiring to evolve from its 1 GW production towards hosting up to 2.5 GW. A critical factor for success will be establishing robust international energy links, as echoed in the minister’s call for a strategic focus on electricity and grid connectivity.

The transition won’t solely rely on renewables; a mix of solar power and natural gas is slated for the short term, with an eye on full electrification and European interconnection. As part of this energy transition journey, the EU aims for a complete green shift by 2050.

The EAC is fast-tracking its energy storage plans, which dovetail with Cyprus’s ambitions to cut emissions by 20–25% by 2030, an essential pivot in meeting broader climate goals.

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Eurobank Wins Two Euromoney Awards Following Cyprus Merger

by THEFUTURE.TEAM

July 17, 2026

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.

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