Search and Filter Through Our Comprehensive Database of Tender Awards and Bid Results in Renewable Energy Sector in Cyprus
Identify and track all the latest tender & contract awards and bid results in renewable energy projects. Our extensive database and user-friendly interface make it easy for you to find the right business opportunity in Cyprus.
Cyprus Renewable Energy Industry Analysis
Current Scenario:
The renewable energy sector in Cyprus has been growing rapidly in recent years, thanks to supportive government policies and increasing public awareness of the benefits of clean energy. The country has abundant sunshine and wind resources, making it an ideal location for solar and wind power generation.
In 2020, the share of renewable energy in Cyprus' electricity mix was around 13%, with most of it coming from solar photovoltaic (PV) installations. The government has set a target to increase this to 16% by 2023 and 24% by 2030, as part of the country's efforts to reduce its reliance on imported fossil fuels and to meet its EU targets for renewable energy.
Major Drivers:
The main drivers of the renewable energy industry in Cyprus are government policies and incentives, declining costs of renewable energy technologies, and increasing public awareness of the benefits of clean energy.
The government has implemented several policies to promote renewable energy, such as feed-in tariffs for renewable energy producers, tax incentives for investments in renewable energy projects, and the creation of a legal framework to support the development of renewable energy projects.
Moreover, the costs of renewable energy technologies, particularly solar PV, have decreased significantly in recent years, making it more cost-competitive with conventional energy sources. This has led to an increase in investments in renewable energy projects in Cyprus.
Industry Outlook:
The outlook for the renewable energy industry in Cyprus is positive, as the country continues to prioritize the development of clean energy sources to meet its energy needs and to reduce its carbon footprint. The government's target of 24% renewable energy share in electricity production by 2030, presents a significant opportunity for the growth of the industry.
In addition, the country has recently launched a tender for a large-scale solar PV project with a capacity of 300 MW, which is expected to be the largest solar project in Cyprus and will help the country achieve its renewable energy targets.
Furthermore, with the increasing focus on sustainable development and decarbonization globally, Cyprus can leverage its abundant renewable energy resources to position itself as a leader in the region's renewable energy transition, opening up further opportunities for the industry.
Overall, the renewable energy industry in Cyprus is poised for continued growth in the coming years, driven by supportive government policies, declining costs of renewable energy technologies, and increasing public awareness of the benefits of clean energy.
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