Wind Farm Begins to Take Shape
Work Begins on New Wind farm.
Construction is well underway of the first ever wind farm in Cyprus in the mountainous Orites area of Kouklia (Paphos district). Once operational, the project will be an 82-MW wind farm with 41 turbines, producing almost 10% of the island's total energy generation capacity. With 82 MW in its first phase, and an approved capacity of 140 MW when complete, Orites is the first private sector power project on the island, and is also the first to benefit from a new 20-year fixed rate tariff that has recently been approved by the government of the Republic of Cyprus and the European Commission.
Commercial operations at the wind farm, located on the Orites Mountain on a site spread over 16 km2, are scheduled to start at the end of 2010. Managed by DK Wind Supply Ltd, suppliers include Vestas V90 2-MW turbines, while financing for the project was secured by Platina Partners LLP with debt financing arranged by Commerzbank, ING and NordLB, and the European Investment Bank (EIB) providing 50% of the project’s debt under a conventional project finance structure. The project will contribute significantly to the government target of producing 13% of the country’s electricity from renewable sources by 2020. It also represents 27% of the required installed wind energy capacity of 300 MW by 2020, the developers say. President of the House of Representatives Marios Garoyian, stated: “This project will put Cyprus on the map of electricity-producing countries with the use of wind power. This occasion marks a historic day for the progress of our country towards ‘green development." Chairman of DK Wind Supply Ltd., Akis Ellinas, said: “Our project is the biggest investment in renewable energy and the first wind energy investment in Cyprus. It represents an investment amounting to €170 million.”
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