The wind farm is scheduled to produce 82 MW of wind energy, and will consist of 41 wind turbines. The output is equivalent to almost 10% of the island’s total energy generation capacity.
Managed by DK Wind Supply, financing for the project was secured by Platina Partners LLP, a private equity fund advisor specialising in renewable energy, with the European Investment Bank (EIB) providing 50% of the project’s debt.
The project could contribute significantly to Cyprus’ target of producing 13% of its electricity from renewable sources by 2020. It also represents 27% of the required installed wind energy capacity of 300 MW by 2020.
The wind farm has approved capacity for up to 140 MW once the first 82 MW are operational.
Wind farm operations are scheduled to start at the end of 2010.
Chairman of DK Wind Supply Ltd., Akis Ellinas, says: “Cyprus is not among the windiest areas in the world, yet still we have a commitment to go to renewable energy, so we have to work harder than others. 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.”
EIB Vice-President, Plutarchos Sakellaris, whose responsibilities include EIB’s lending activities in Cyprus as well as energy issues, comments: “Orites is the largest and most advanced wind farm in Cyprus. It paves the way for further developments in the sector, and brings the Cypriot Government closer to its target and EU’s objective for renewable energy production.
“This is of particular importance for Cyprus, whose electricity network is not interconnected and has no other indigenous energy resources. We were therefore ready to participate in a finance structure taking direct project risk.”