Cyfield: €200m electricity production investment project moving ahead (pics & video)

10:39 - 01 June 2023

Companies

Construction of Cyprus’ first combined cycle power plant, by PEC – Power Energy Cyprus, is progressing according to schedule.

The project is one of the largest in the infrastructure sector of Cyprus and is expected to make a significant contribution to the country’s development. The cost of the investment will be covered by Cyfield's own capital and funding from Cypriot banks, amounting to €200m.

The project aims to modernise and strengthen the energy sector of Cyprus, as it will result in the de facto liberalisation of the electricity market. Cyfield, through its PEC project, will offer the Cypriot consumer not only cheaper electricity, but also the possibility of choosing between more than one electricity supplier.

The turbines and their generators by the Siemens company, valued at €48m have arrived in Cyprus andare in the process of being installed. The three air turbines will operate with modern combined cycle technology and consume natural gas.

The station will produce 25-30% of Cyprus’ electricity needs, and aims to address the country's major energy crisis. With an efficiency rate of 58% and a size of 260MW, it is estimated that it will significantly reduce electricity costs and help industries, companies and households. It will also cover Cyprus' electricity sufficiency, having the ability to operate non-stop for 30 years.

Cyfield says it is implementing yet another project for the benefit of society, staying true to its obligations and strategic plans. Known for the fast pace of execution of its projects, the company aims to complete the project in the summer of 2024.

Click here to learn more about the project.

(Source: InBusinessNews)

Cyfield: €200m electricity production investment project moving ahead (pics & video)

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