Brussels, 14/03/2012 (Agence Europe) - On 8 March, the European Investment Bank (EIB) announced that it was to lend the Cypriot Electricity Authority €130 million to build a new production unit to secure electricity supply in Cyprus.
This loan will fund phase IV of the extension of the electricity power station in Vassilikos, including the installation of a gas-fired power station with a combined cycle of 220 MWe which will run on petroleum distillate and can subsequently be converted to natural gas once this is available in Cyprus. The EIB has already lent a total of €330 million to modernise the electricity transport and distribution network in Cyprus, plus €30 million to build a new production unit with internal combustion engines on the power station site at Dhekelia, in the district of Larnaca. Additionally, the EIB has already granted funding of €200 million to the Vassilikos power station. (OL/transl.fl)