Private Equity Fund Manager Platina Partners LLP (Platina) and developer Akis Ellinas have today announced the official opening of the Orites wind farm in Cyprus.
Unveiled by the President of the Republic, Demetris Christofias, the 82MW project is the island’s first wind energy development and constitutes 8% of Cyprus’ entire electricity generation capacity.
The €170 million wind farm has been completed on time and on budget and benefits from the introduction of a new 20 year fixed-rate subsidy by the Government of Cyprus. Since Platina announced it plans to develop the project, work has begun on a number of other farms, including the 42MW Klavida Village, 31.5MW Alexigros and 20MW Aghia Anna sites. Cyprus’ national renewable energy action plan calls for 300MW of installed wind capacity by 2020.
Orites is located in the South West of the Republic of Cyprus, 30km form Paphos and consists of 41 Vestas V90 2MW turbines, spread over the 16km2 site. The first private sector power project on the island, it has been funded through debt financing from Commerzbank, ING and NordLB, with the European Investment Bank providing 50% of the debt funding.
The investment comes from Platina’s European Renewable Energy Fund and takes the private equity specialist’s installed capacity to 234MW, 203MW of which is made-up of onshore wind assets. Platina also has over 500MW of projects currently in development. Since the firm was established in 2002, it has invested in 1,7000MW of renewable energy projects.
Commenting on the announcement, Thomas Rottner, Managing Partner of Platina said: “The Government of Cyprus is to be applauded for its role in facilitating the project. By establishing a clear tariff regime, it has made it possible for us to invest with confidence. Orites is a prime example that with the right incentives and framework in place, it is still possible to develop large infrastructure projects in even the most challenging financial times.”
Akis Ellinas of DK Wind Supply said: “This is a landmark project which demonstrates Cyprus’ commitment to tackling climate change. The national renewable energy action plan aims to have 300MW of wind energy operational by 2020, so to have installed over 80MW at once, is a strong start.”
Plutarchos Sakellaris, Vice President of the European Investment Bank added: “Unlocking the potential of renewable energy is crucial for climate action in island states. As the world’s largest investor in clean energy, the EIB is happy that our co-operation with Platina has resulted in the successful completion of the Orites wind farm. This project demonstrates the significant contribution wind power can provide to the Republic of Cyprus.