Cyprus: EIB backs EUR 245 million of latest power and connectivity funding in 2020, together with fibre-optic web roll-out by Epic Telecom

Cyprus: EIB backs EUR 245 million of latest power and connectivity funding in 2020, together with fibre-optic web roll-out by Epic Telecom

  • Vitality transition assist contains Vasilikos energy plant and fuel import facility
  • New financing to develop Epic broadband community
  • Cyprus largest beneficiary of EIB engagement in Europe relative to GDP

New European Funding Financial institution financing for precedence funding in Cyprus final yr totalled EUR 245 million.

2020 represented the fifth largest assist for transformational tasks in 40 years of EIB engagement within the nation. This included assist for brand new power funding to scale back carbon emissions and assist to scale back electrical energy payments, and backing for brand new funding to develop entry to high-speed web providers.

Cyprus advantages from the most important EIB assist, per capita, of any nation in Europe with excellent EIB publicity totalling EUR 2.7 billion, or 13% of nationwide GDP.

The EIB’s annual outcomes for Cyprus have been confirmed earlier at this time throughout a digital press convention, alongside the formal announcement of a EUR 19 million mortgage settlement with Epic to speed up broadband community deployment.

Constantinos Petrides, Minister of Finance and EIB Governor, Kyriacos Kokkinos, Deputy Minister of Analysis, Innovation and Digital Coverage and Lilyana Pavlova, EIB Vice President accountable for lending operations in Cyprus highlighted the affect of latest EIB engagement and outlined the main focus of future assist. Thanos Chronopoulos, CEO of Epic and Martin Peronnet, CEO of Monaco Telecom, detailed the anticipated affect of latest broadband funding in Cyprus and the advantages of elevated connectivity seen elsewhere in Europe.

“The EIB has persistently been one of the necessary and dependable companions of Cyprus for the previous many years. The EIB’s steady dedication to our nation in occasions of disaster was as soon as once more evident as three of the measures introduced by the Authorities to assist the economic system relate to EIB assist. We due to this fact wish to ask the EIB to keep up its lending volumes at at this time’s stage and preserve supporting the private and non-private sector of Cyprus, because the nation navigates by the monetary and social implications ensuing from the well being disaster,” mentioned Constantinos Petrides, Minister of Finance of the Republic of Cyprus and Governor of the European Funding Financial institution.

“2020 represented one other sturdy yr for the EIB in Cyprus, with EUR 245 million of latest financing for visionary power funding by Cypriot power companions to chop carbon emissions and to allow Epic to enhance broadband connectivity throughout Cyprus. The EIB is dedicated to supporting precedence funding in Cyprus and happy to again Epic’s funding to rework high-speed broadband entry in Cyprus. The EIB is at the moment working intently with personal and public companions to unlock new schooling, inexpensive housing, innovation and local weather motion funding within the nation,” mentioned Lilyana Pavlova, EIB Vice President.

Bettering entry to broadband web with Epic

The EIB at this time confirmed particulars of latest EUR 19 million long-term financing to Epic to assist the roll-out of their Very Excessive Capability broadband community and associated connectivity and IT funding.

“Superior networks are one of the basic blocks of the EU’s digital transformation and a vital pillar of the restoration, at nationwide and European stage. The well timed deployment of fibre and 5G networks will create vital financial alternatives for the years to return, as an important asset for competitiveness and sustainability and a significant enabler for future digital providers. On this regard, I wish to thank EIB but in addition to congratulate each EIB and Epic for collectively partaking on this extremely necessary initiative geared toward boosting high-capacity broadband connectivity all through Cyprus. The long-standing engagement of the European Funding Financial institution in Cyprus has been and can proceed to be instrumental in fostering sustainable and inclusive progress, creating an enabling setting that accelerates a profitable inexperienced and digital transition,” Deputy Minister of Analysis, Innovation and Digital Coverage, Kyriacos Kokkinos.

Hundreds of companies and households throughout Cyprus will profit from sooner web speeds and entry to the Epic Fibre to the Residence networks.

“We see ourselves as catalysts for change and progress, our FTTH mission is ready to radically reshape the digital expertise of the Cypriot households and enterprises and speed up financial progress by offering new alternatives for innovation and productiveness. Our ambition is to introduce and lead Cyprus to the gigabit period by offering unparalleled fibre connectivity speeds at a very inexpensive worth with a view to expedite adoption and meet the current and future digital wants of our prospects within the fashionable period. The brand new EUR 19 million long-term EIB financing will enable Epic to hurry up community enlargement and remodel broadband providers in Cyprus,” mentioned Thanos Chronopoulos, Chief Govt Officer of Epic Ltd.

The brand new EIB backed funding, assured by the European Fund for Strategic Investments, will enable EPIC prospects entry to Gigabit digital providers and join each cities and rural areas.

“Funding to enhance broadband speeds is important for competitiveness, enterprise providers and social life. Throughout Europe COVID-19 journey restrictions, working from dwelling and lockdowns have highlighted the necessity to additional scale up community funding and unlock digital innovation. The primary ever EIB assist for Epic will be certain that Cyprus is best related within the years to return.” mentioned Martin Peronnet, Chief Govt Officer of Monaco Telecom, mum or dad firm of Epic Ltd.

The brand new funding may even assist to enhance ultrafast broadband entry, which at the moment lags behind the EU common.

Accelerating power transition in Cyprus and chopping carbon emissions

Final yr EIB assist for power transition in Cyprus included EUR 150 million backing for building of a brand new LNG Terminal and EUR 76 million, assured by the European Fund for Strategic Investments, to assist building of a brand new energy plant at Vasilikos in Cyprus by the Electrical energy Authority of Cyprus.

“The European Funding Financial institution is supporting power transition in Cyprus and around the globe. As a part of its Vitality Lending Coverage agreed in 2019, the EIB supported a pipeline of fuel tasks already underneath appraisal, earlier than transferring to renewables-only lending from the top of 2021. The EIB seems to be ahead to working along with power mission companions to assist future clear power funding in Cyprus.” added Lilyana Pavlova, European Funding Financial institution Vice President accountable for lending operations in Cyprus.

The brand new LNG terminal will allow Cyprus to interchange use of heavy gas oil for energy technology with pure fuel, minimize power costs and scale back carbon emissions by no less than 30%.

The brand new 160 MW CCGT Vasilikos energy plant would be the most effective fuel energy plant in Cyprus and

allow a shift away from fossil fuels, scale back greenhouse fuel emissions and different types of air air pollution, and supply flexibility to permit better use of intermittent wind and solar energy in Cyprus sooner or later.

The brand new Vasilikos energy plant is predicted to generate absolute carbon emissions of 380 gCO2 / kWh,

throughout the European Funding Financial institution’s power technology emission efficiency customary of 550 gCO2 / kWh in place when the mission was accepted.

Because the EIB board accepted the 2 power tasks signed in 2020 the EIB has launched a brand new Vitality Lending Coverage that can finish all financing for unabated fossil-fuel energy technology by the top of 2021.

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