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Cyprus windfarm closes financing deals

A Cyprus windfarm has reached a €170 million financial close and construction is already underway.

The 82 MW windfarm will consist of 41 Vestas V90 2 MW wind turbines and is located 30 km from Paphos on Orites Mountain in the South West of Cyprus.

Operation of the windfarm is scheduled for 2010, and it is predicted to supply 8% of the island’s electricity generation capacity.

The windfarm’s financing was provided by Platina and a local developer providing €25m in equity, contributing 75% and 25% respectively.

€72.5m debt was provided for the windfarm by Commerzbank, ING and NordLB, and another €72.5m by the European Investment Bank.

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Policy, investment and markets  •  Wind power