Minister Antonis Paschalidis said: The agreement will be valid for 20 years and revenue for the wind energy project will come from the sale of energy to the Cyprus Electricity board and in the form of a grant from the Fund for Renewable Energy and Energy Conservation.”
According to the minister the sale of the wind energy will be 0.166 for every kilowatt hour (KWh) produced while 2.0 per cent of sales will be investmed in the communities around the wind farm. Work for the wind farm is due to start immediately and the project will take about one year to complete.
The total cost of the wind energy project is estimated at 22 million, while total output is expected to be 29.500 MWh (megawatt hour) per year. The wind energy contribution to the islands total energy in 2012 is expected to be approximately 0.2 per cent, and 0.6 per cent of total electricity.
Chris Tsigas, one of the directors of TP Aeolian Dynamics Ltd, thanked the Commerce Ministry and the board of the Fund for Renewable Energy and Energy Conservation for all their help.