DK WindSupply completes 82-MW wind farm in Cyprus

(ADPnews) - Mar 22, 2011 - Cypriot company DK WindSupply Ltd has completed an 82-MW wind power project in southwest Cyprus that is to supply 8% of the island's power consumption.

The announcement was made by UK private equity funds manager Platina Partners LLC, who is in charge of the project financing. The project, the first phase of a 140-MW development in Orites, is worth EUR 170 million (USD 241m). Half of the wind farm cost is covered by a loan provided by the European Investment Bank.

The wind farm includes 41 wind turbines made by Danish Vestas Wind Systems A/S (CPH:VWS). According to Platina, it will get a fixed-rate government subsidy for 20 years. "By establishing a clear tariff regime, [the government of Cyprus] has made it possible for us to invest with confidence," said Thomas Rottner, managing partner at Platina.

Cyprus is targeting 300 MW of installed wind power capacity by 2020. The Orites wind farm is the first wind power facility on the island, with several other projects already under development -- the 42-MW wind power plant at Klavida village, 31.5-MW Alexigros and 20-MW Aghia Anna wind farm.

(EUR 1 = USD 1.423)

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