First private power station in Cyprus to be completed in 2023

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First private power station in Cyprus to be...
Added: 03-08-2022 00:21

The final financing agreement for the first private 260MW Power Generation station in Cyprus has been signed, CYFIELD reports in a press release.

On July 15, 2022, the final financing agreement was signed following a partnership between the Bank of Cyprus and Eurobank, for the first private conventional gas-fired electricity generation station in Cyprus, Power Energy Cyprus (PEC).

The loan of 120 million euros, which will cover the rest of the construction costs of the power plant, has been jointly undertaken by the Bank of Cyprus and Eurobank (partnership). It is emphasized that the company has already covered with its own funds the financial needs of the project to date, in order to reach the total investment of 200 million euros.

The first conventional private power generation station with 260MW, will produce 25-30% of the electricity needs of Cyprus, and aims to deal with the great energy crisis we are going through at the moment. With great efficiency, it is estimated that it will significantly reduce the cost of electricity for companies and households. It will also come to cover the energy sufficiency of Cyprus, having the ability to work non-stop for 30 years.

Soon the company will also enter electricity supply, offering the Cypriot consumer not only cheaper electricity but also better service.

The construction of the PEC power plant is in the final phase of implementation and has been undertaken by Cyfield Construction Ltd.

The project will be completed in 2023, the announcement concludes.

Press Release
Image: Artist Impression

Source: PR - CYFIELD
Added: 03-08-2022

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First private power station in Cyprus to be completed in 2023

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