Cyprus passes EUR 60.2 million guarantee for concentrated solar power project

Solastor from Australia devised the solution. Alfa Mediterranean is waiting for a loan from the European Investment Bank to start building the concentrated solar power system. It is backed by an EU program.

The minority government of Cyprus has succeeded in its fourth attempt to squeeze a European NER300 funding project through parliament, with the ambition to add 50 MW in renewable energy capacity. It managed to push the proposition for a EUR 60.2 million state guarantee with 26 votes in favor and 23 opposed in the House of Representatives, which has 56 seats. Alfa Mediterranean Enterprises Ltd. is preparing to finance the concentrated solar power or CSP facility with a loan from the European Investment Bank.

The planned unit with technology also known as concentrated solar thermal storage would get the island country closer to its national goals for green power. Solastor from Australia devised the solution. More delays or failure may result in further financial liabilities under European Union energy rules and objectives.

The opposition has been stalling with the bill, seeking further clarification. At the same time, other photovoltaic plant operators have protested against the state backing for one private investor.