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EIB gives spark to Cyprus's electricity supply

ARTICLE | 
The European Investment Bank provided €130 million to the Electricity Authority of Cyprus for a new production unit to enhance the country's electricity supply.
The finance documentation was signed in a public ceremony at the Ministry of Finance in Nicosia in the presence of Cypriot Minister of Finance Kikis Kazamias. The finance contract was signed for the EIB by Vice-President Plutarchos Sakellaris and for the Electricity Authority of Cyprus by the President of the Board of Directors Harris Thrassou.
Sakellaris, whose responsibilities include EIB’s lending activities in Cyprus as well as energy issues, said on the occasion in Nicosia today: “In 2011 our aggregate lending in Cyprus totalled €180m. It was for roads and education. I am delighted to sign a vital finance contract for energy production at the Vassilikos power plant in Cyprus. This is our sixth loan with the Electricity Authority of Cyprus. This loan comes in good time to cater to the urgent need for energy production in the country after the explosion at the adjacent Mari Naval Military Base last July.”
Cyprus has set targets for 2020 regarding their energy production. These targets are to generate 13% of the gross final energy consumption from renewable energy sources, and reduce GHG emission by 5%, compared to the 2005 levels of 9.9m tonnes.
However, to honour its EU commitments, Cyprus will need to make considerable investments in energy efficiency and energy conservation projects. Market penetration of renewable energy technologies, such as photovoltaics (PVs), solar thermal energy, and geothermal heat pumps, and combined heat and power (CHP) systems will need to increase in order to lower the energy footprint of domestic buildings and industrial units.
Thus, this loan investment will also go towards the upgrading of the conventional power plant to making it more environmentally friendly, at least in terms of emissions. The EIB has also supported a number of other energy projects in Cyprus, mostly in cooperation with the Electricity Authority of Cyprus. This includes loans totalling €330m for the upgrading of the electricity transmission and distribution network, and €30m for a new internal combustion engine power plant at the Dekeleia power station in the district of Larnaca in Cyprus. A further €200m has gone to the Vassilikos electricity power plant, one of the largest investments undertaken in Cyprus.

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