Cyprus & World News

First two photovoltaic parks in Cyprus to produce lower-cost energy

02 May, 2014

Energy production cost from the first two photovoltaic parks in Cyprus, producing 1.5MW each, is lower than the cost for equivalent energy produced by the Energy Authority of Cyprus. The two parks are in operation for the past one month and have been linked to the energy grid.

In total, 24 projects have been licensed for large photovoltaic systems up to 10 MW, following a tender procedure.

On Friday subsidy agreements for the two parks were signed at the Energy Ministry, in Nicosia, in the presence of Energy Minister Giorgos Lakkotrypis.

The agreements were signed on behalf of the state by the Ministry`s Permanent Secretary and RES Special Fund Management Committee President Stelios Cheimonas.

The two projects were implemented by `APV Sunlight` company and Memnonas Papageorgiou, a private individual, respectively.

Speaking during the ceremony, Lakkotrypis said that the two projects mark the beginning of a series of such agreements to be signed, aiming to incorporate photovoltaic energy production in Cyprus` energy mix.

Cheimonas, from his part, said that the price that has been achieved is lower than the production cost of equivalent energy by the Energy Authority of Cyprus.

This, he added, allows the viability of the RES Special Fund, through which various other projects are being financed.

According to the owners of the two parks, the two parks will generate an annual inflow of 300.000 euros to the Fund.