50 MW Limassol solar park awaits green light

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Construction of a 50 MW solar park in Alassa, Limassol is ready to launch once the legal services study the agreement between the consortium and the state, allowing the government to issue a guarantee for €60 mln.

The House of Representatives earlier this month approved the government guarantee to Alfa Mediterranean Enterprises Ltd for €60,185,628 to finance the ‘CY CSPc EOS Green Energy’ project, which is included in the European NER300 list of innovative renewable energy technologies, eligible for European Commission financing.

In a comment to news site Stockwatch, Minister of Agriculture and Environment Costas Kadis said “the effort is to secure benefits for the Republic and the applicant. The government considered the applicant’s stated readiness to commit to the initial terms of the agreement which did not include a state guarantee”.

Kadis said the project, which is to cost €200 mln, will contribute significantly to the local economy and will help Cyprus achieve its national goals at no cost to the Republic or to the taxpayer.

He said it will enhance competitiveness within the electricity market, thus offering more options to consumers.