Renewables

EBRD supports expansion of solar energy in Cyprus

Published

July 1, 2016

Country

Comments

comments icon

0

Share

Published:

July 1, 2016

Country:

Comments:

comments icon

0

Share

The European Bank for Reconstruction and Development (EBRD) said it is providing EUR 10 million in debt financing for the construction, development and operation of five photovoltaic parks with total capacity of 11.9 MW. The investment will strengthen efforts in Cyprus to reduce climate change emissions and dependency on imported fuels, according to the statement.

The parks are located in the areas of Frenaros, Nisou, Dhali, Paliometocho and Malounta and are among the first solar power projects of the scale to be implemented in the island country. The endeavours, run by local and international investors, will benefit from EBRD’s debt financing, the press release adds.

The bank started investing in Cyprus during the fourth quarter of 2014 for a temporary period envisaged to last until 2020. EBRD said it is focusing on investments in the financial sector, supporting privatization and private concessions and providing finance to projects of individual private companies. The international financing institution’s goal is to support the recovery of the country’s economy following a deep financial crisis, the statement notes.

“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,” said Nandita Parshad, EBRD’s director for power and energy utilities.

Related Articles

HELLENiQ Energy buys ABO Energy Hellas 1 5 GW renewables

HELLENiQ Energy buys ABO Energy Hellas, adding 1.5 GW in renewables projects

02 July 2025 - Amid a consolidation in the renewables sector in Greece, HELLENiQ Energysaid it completed the acquisition of ABO Energy Hellas

EU outlines measures for 90 emissions cut by 2040

EU outlines measures for 90% emissions cut by 2040

02 July 2025 - A proposed amendment to the European Climate Law sets a 2040 target of a 90% reduction in net greenhouse gas emissions

battery storage eu solarpower europe bess

SolarPower Europe: EU needs ten times more battery storage by 2030 to meet renewables targets

02 July 2025 - SolarPower Europe has launched an initiative called the Battery Storage Europe Platform to promote battery growth across the EU.

Solaris Holding large hybrid renewable energy park Bulgaria

Solaris Holding launches production at large hybrid renewable energy park in Bulgaria

02 July 2025 - The new Selanovtsi solar farm of 59.8 MW in peak capacity near Vratsa was installed alongside a battery energy storage system of 107.3 MWh in capacity