The Council of Ministers, the executive branch of the Cypriot government, has approved the nation’s funding plan for energy storage systems installed in conjunction with renewable energy plants which had been implemented under earlier support plans, as well as self-consumption facilities included in the net billing mechanism.

Energy Minister George Papanastasiou said after the Cabinet meeting on Thursday that the scheme’s first phase, worth €35 million ($37 million), would be implemented initially and followed by a second phase to the tune of an additional €5 million.