Cyprus' first wind farm gets green light

by Stephen Hurrell. Published Fri 31 Jul 2009 14:53, Last updated: 31 Jul 2009
The wind farm will be a first for Cyprus

Cyprus will begin construction of the first ever wind farm on the island in September after finance was secured for the £145 million project.

The 82MW farm at Orites, near Paphos in the south west of Cyprus, could extend its capacity to 140MW once it is completed in September 2010.

Cyprus-based energy company DK Windsupply is working with London-based Platina Partners to develop the project.

The European Union wants Cyprus to produce 13 percent of energy from renewables by 2020. Currently only two percent of energy is from renewable sources.The turbines are expected to deliver enough energy for around 25,000 homes.

Platina Partners has financed 200MW of wind and solar energy across Europe. Spokeswoman Emma Collins described the project as one of the best renewable energy projects in Europe.

She added: “The predictable nature of the project’s cashflows demonstrates that even in tight credit markets there is always debt available for the best projects.”

Debt finance for the wind farm has been provided by Commerzbank, ING, NordLB and the European Investment Bank (EIB).

Heiko Ludvig of Nord LB said: “Delivering the first of its kind in any country requires strong support from the government to ensure that appropriate frameworks are put in place to encourage private sector investment. The government of the Republic of Cyprus has delivered an excellent support scheme, which should encourage further projects on the island.”

Michael Scheepens of ING bank declared his delight at being involved in the first wind farm on Cyprus. He described the wind farm as "an exciting challenge".

Emmanouel Marroulakis of the EIB said: “We are delighted to support this project and enable the Republic of Cyprus to take a major step in meeting the Government’s 2010 Renewable Energy Sources Action Plan, which is in line with the EU Renewable Electricity Directive.”

The wind farm will be the biggest in the Eastern Mediterranean once completed and could save nearly 100,000 tonnes of CO2 a year.

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