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Wind farm to deliver up to 14 percent of Cypriot power requirements
NORD/LB – in cooperation with Commerzbank, ING and the European Investment Bank – is arranging the financing of the first ever wind farm on Cyprus for Platina Partners LLP, a British-French equity fund consultancy and management firm. The first phase of the project involves an overall capacity of 82 megawatts (MW) and a financing volume of 170 million euros. The technology for the project is being supplied by Vestas and Siemens.Construction work on the wind farm located on the Orites Mountain in the southwest of the Republic Cyprus is scheduled to start in the coming month already, with the first stage expected to be completed by the end of the coming year. It is planned to extend capacity to a total 140 MW in further phases, meaning that the wind farm will then be capable of delivering up to 14 percent of the republic’s annual power requirement.
“Delivering the first project of its kind in any country requires resolute support from the respective government towards creating incentives for private-sector investors. The government of the Republic of Cyprus has been exemplary in this respect, so further such projects in the future are a very real possibility”, said Pedro Capote of NORD/LB London’s Structured Finance division, responsible for the transaction’s general coordination for NORD/LB. He added that this financing project underlines the bank’s status as one of the leading financiers of renewable energies at both the national and international levels. NORD/LB’s portfolio volume in this growth segment now totals 3.5 billion euros.
Platina Partners is a British-French equity fund consultancy and management firm with an operational focus on projects in the field of renewable energies in Europe and on buyouts of small to medium-sized business enterprises. The company has been active in the sphere of renewable energies since 2002, and has already invested over 270 million euros in related projects.
