The multi-site development, which includes ground-mounted solar parks in five locations across the country at Frenaros, Nisou, Dali, Paliometocho and Malounta, are among the first solar projects of this scale in Cyprus.
RECOM, the second-largest manufacturer of PV modules in Europe, has partnered with investment group CYPV Energy Limited on the project, which will see over 45,000 of RECOM’s 60-cell Amur Leopard 260 poly high efficiency panels installed.
The project represents another milestone venture in the Mediterranean during a difficult and uncertain period for the solar industry on the European continent.
“We’re delighted to be teaming up with CYPV as we fully share their vision of transforming Cyprus into a model country for green energy development; it’s particularly pleasing that our high efficiency panels are being deployed in a project which is a major part of helping Cyprus to reach its 2020 target for sustainable power generation,” said RECOM CEO Hamlet Tunyan.
Mr. Dmitry Morozov, Chairman of CYPV Energy Ltd – the company with the majority participation in the project – said: “We’re proud to be part of these high capacity renewable energy projects, which have the highest standards of design and technical specifications, and are expected to offer clean energy for many years, thus contributing to Cyprus’ goals for minimizing CO2 emissions.”
The European Bank for Reconstruction and Development (EBRD) is providing €10 million (US $11 million) in debt financing for the construction, development and operation of the five sites.
Image credit: Cyprus By Nino Verde – Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=14607224
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.