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 wind energy project, work has begun on a number of other wind farms, including the 42 MW Klavida Village, 31.5 MW Alexigros and 20 MW Aghia Anna sites. Cyprus’ national renewable energy action plan calls for 300 MW of installed wind farm 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 wind 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 234 MW, 203 MW of which is made-up of onshore wind assets. Platina also has over 500 MW of projects currently in development. Since the firm was established in 2002, it has invested in 1,7000MW of renewable energy projects.