articles | 04 July 2016

EBRD supports Cyprus’ solar park

The European Bank for Reconstruction and Development (EBRD) announced it is funding €10m in debt financing for the construction, development and operation of five solar photovoltaic parks with a total capacity of 11.9MWp in Cyprus

According to an EBRD press release, the parks are located in the areas of Frenaros, Nisou, Dhali, Paliometocho and Malounta and are among the first solar photovoltaic projects of this scale in Cyprus.

“Addressing global challenges is one of the key strategic priorities for the EBRD and the investment will strengthen efforts in Cyprus to reduce climate change emissions and dependency on important fuels,” the bank said.

Speaking to the signing ceremony, Photios Savvides, Director of CYPV Energy Ltd, one of the companies developing the plants, said “we are proud to be part of the new era of sustainable power generation in Cyprus. It took a considerable effort on our part to reach this point, but we are just at the beginning.”

Libor Krkoska, Head of the Cyprus EBRD Resident Office, on his part said the investment is in line with the bank`s strategy for Cyprus.

“We are pleased to see renewable energy projects contributing towards Cyprus’ 2020 target for power generation from sustainable sources,” he added.

On her part Nandita Parshad, EBRD Director, Head of Power and Energy Utilities, added: “these agreement will allow Cyprus to make progress with tapping the huge potential it has in renewable energy.”

She noted that “over the years supporting sustainable energy with finance and advice has become a core activity for the EBRD and we are proud to apply our expertise and experience now also on this sun-kissed island.”

The EBRD started investing in Cyprus during the fourth quarter of 2014 for a temporary period envisaged 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. The EBRD’s goal is to support the recovery of the country’s economy following a deep financial crisis.

Source: Famagusta Gazette

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