Renewables

Green light for EU-financed concentrated solar power projects

Published

October 30, 2015

Country

Comments

comments icon

0

Share

Published:

October 30, 2015

Country:

Comments:

comments icon

0

Share

The cabinet approved funding on October 29 for CY EOS Green Energy project by Alfa Mediterranean Enterprises Ltd. for a 50 MW solar thermal power park in the Alassa area in Limassol, portal In-Cyprus reported.

The concentrated solar power project was selected for funding within the framework of the second phase of the NER300 programme of the European Commission for projects demonstrating innovative energy technologies from renewable energy sources. Capital expenditure is EUR 176.2 million, with funding from Brussels covering EUR 60.2 million, the article said.

Previously, on October 7, the cabinet had approved financial support for one more such project, the CY CSPe Helios Power, by PFXT Thermosolar Renewables Ltd. The capex for the 50 MW solar thermal power park in Achera, Nicosia, amounts to EUR 194.7 million, with European funds amounting to EUR 46.6 million, according to In-Cyprus.

These decisions pave the way for finalising the permits so that a legal agreement can be signed between the government and the individual companies that have undertaken the projects. Once the agreements are signed, the European Commission will be notified to release the funds for financing the projects. The funding agreements provide for the sale of electricity to EAC at a price determined by Cyprus Energy Regulatory Authority (CERA) until competitive market regulations set in whereby the companies will make private arrangements for the sale of the produced energy.

This is to ensure that no extra costs befall the state and, by extension, Cypriot consumers. On the contrary, experts say the country stands to gain both financially and environmentally from these projects.

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