The EBRD financing will support the construction, development and operation of the solar farms which will have a total capacity of 11.9 MWp. They will be located in the areas of Frenaros, Nisou, Dhali, Paliometocho and Malounta and will help to address global challenges presented by climate change, aiming to reduce emissions and dependency on imported fuels. The solar farms are among the first solar PV projects of this scale to be implemented in Cyprus and will be run by a consortia of local and international investors.
“We are proud to be part of the new era of sustainable power generation in Cyprus” said Photios Savvides, Director of CYPV Energy Ltd, one of the companies developing the plants. “It took a considerable effort on our part to reach this point, but we are just at the beginning. I would like to thank the EBRD for the commitment and cooperation they demonstrated in this project.”
Nandita Parshad, EBRD Director, Head of Power and Energy Utilities, added that the projects will allow Cyprus to make progress with tapping the huge potential it has in renewable energy. Over the years supporting sustainable energy with finance and advice has become a core activity for the EBRD which started investing in the country during the fourth quarter of 2014 for a temporary period intended to last until 2020. The Bank is focusing on investments in the financial sector, supporting privatisations and private concessions and providing finance to projects of individual private companies. Its goal is to support the recovery of the country’s economy following a deep financial crisis. The company’s strategic plan for the period 2016-18 has three priorities: strengthening economic resilience, addressing global challenges and supporting regional integration.
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