1.5 MW EBRD financed solar power plant in Cyprus goes online

Photo: EBRD


May 13, 2017






May 13, 2017





A 1.5 MW solar power plant was inaugurated in Cyprus on May 11 as the first of five plants planned to form a solar power farm in Nisou just outside Nicosia. The ceremony was held on the sidelines of the Annual Board of Governors Meeting of the European Bank for Reconstruction and Development (EBRD) which financed the project.

The EBRD has provided loans of EUR 10.85 million for the five solar power plants with a total capacity of 11.9 MW in Cyprus. Those plants will provide more than 21.420 MWh of clean power a year.

Although it has a high level of solar power potential, Cyprus remains dependent on fossil fuel imports.

The EBRD said in a statement that the 1.5 MW plant in Nisou, just outside Nicosia, is one of five which are due to be set up to provide 12 percent of the country’s solar power. The plants will produce more than 21.420 megawatt-hours a year and bring the total of amount of renewables in the country’s energy mix to about 9 per cent.

The ceremony was attended by Minister of Energy and Commerce Yiorgos Lakkotrypis; and EBRD Managing Director for Energy and National Resources Nandita Parshad who said that the five solar plants are important because of clean energy and fewer emissions in Cyprus, and because they demonstrate the energy revolution going on worldwide which the EBRD is committed to support.

She said the EBRD earmarked EUR 500 million for renewable energy financing projects in Greece and Kazakhstan.

Lakkotrypis said the Cypriot government was working to strengthen the country’s energy supply security and self-sufficiency, adding that these solar plants will help achieve renewable energy targets.

The first solar power generator was built by CYPV Energy Ltd while two other solar plants, financed by the EBRD as part of the same project, were built by Cyprus-based Athinodorou & Poullas Investments & Properties Ltd.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Global utilities scale renewables capacity 2 5 times 2030

Global utilities vow to scale renewables capacity by 2.5 times by 2030

22 April 2024 - Utilities in UNEZA are accelerating grid investment. Member utilities vowed to lift their renewables capacity by 2.5 times to 749 GW by 2030.

Record low power prices and curtailments threaten renewable investments in Greece, Spain

Curtailments, record-low power prices threaten renewables investments in Greece, Spain

20 April 2024 - Renewable energy developers have underestimated the effects of curtailments and low wholesale prices


Power utilities in Greece, Cyprus allow home PV systems to be paid in installments

19 April 2024 - Greece and Cyprus have enabled the installation of home PV systems to be paid in installments and without upfront costs

Hidroelectrica Masdar joint venture 2 GW Romania

Hidroelectrica, Masdar to set up joint venture for 2 GW in Romania

19 April 2024 - Hidroelectrica and Masdar agreed to jointly invest in photovoltaics, floating solar power and batteries in Romania