Brussels, 05/10/2009 (Agence Europe) - The European Investment Bank (EIB) has just granted a €65 million loan for the Orites wind farm, near Paphos. This is the first substantial renewable energy project in Cyprus.
The project concerns the design, construction and operation of an 82 MW wind farm of 41 turbines. Owned by DK Wind Supply Ltd, the project is promoted by the European Renewable Energy Fund I and in particular Platina Partners LLP. The project will contribute significantly to the government's target of producing 13% of its electricity from renewable sources by 2020. It also represents 27% of the required installed wind energy capacity of 300MW by 2020. The implementation of the project was mindful of environmental concerns and is based on a multi-contract approach, bringing together know-how from leading EU companies including Vestas and Siemens. EIB Vice-President Plutarchos Sakellaris, whose responsibilities include the EIB's lending activities in Cyprus as well as energy issues, stated today: “the EU objective for renewable energy will be a major challenge, as the required investment could be in the order of €600-700 billion up to 2020”. He added that the EIB was “ready to play a strong and active role in supporting the member states' efforts with adequate funding and tailored finance products”. (O.L./transl.rt)