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

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

  • Power transition enhance comprises Vasilikos plant and fuel import facility
  • New financing to increase Epic broadband community
  • Cyprus biggest beneficiary of EIB engagement in relative to GDP

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

2020 represented the 5th biggest enhance for transformational initiatives in 40 years of EIB engagement within the nation. This integrated enhance for brand spanking new power funding to scale back carbon emissions and assist to scale back electrical expenses, and backing for brand spanking new funding to increase get right of entry to to high-speed web products and services.

Cyprus advantages from the most important EIB enhance, in line with capita, of any nation in with remarkable EIB publicity totalling EUR 2.7 billion, or 13% of nationwide GDP.

The EIB’s annual effects for Cyprus have been showed previous as of late all over a digital press convention, along the formal announcement of a EUR 19 million mortgage settlement with Epic to boost up broadband community deployment.

Constantinos Petrides, Minister of Finance and EIB Governor, Kyriacos Kokkinos, Deputy Minister of Analysis, Innovation and Coverage and Lilyana Pavlova, EIB Vice President accountable for lending operations in Cyprus highlighted the have an effect on of recent EIB engagement and defined the point of interest of long run enhance. Thanos Chronopoulos, CEO of Epic and Martin Peronnet, CEO of Monaco Telecom, detailed the predicted have an effect on of recent broadband funding in Cyprus and the advantages of larger connectivity observed in other places in .

“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 used to be as soon as once more glaring as 3 of the measures introduced by way of the Executive to enhance the economic system relate to EIB enhance. We subsequently wish to ask the EIB to care for its lending volumes at as of late’s degree and stay supporting the private and non-private sector of Cyprus, as the rustic navigates during the monetary and social implications as a result of the well being disaster,” mentioned Constantinos Petrides, Minister of Finance of the Republic of Cyprus and Governor of the Eu Funding Financial institution.

“2020 represented some other robust yr for the EIB in Cyprus, with EUR 245 million of recent financing for visionary power funding by way of Cypriot power companions to chop carbon emissions and to allow Epic to reinforce broadband connectivity throughout Cyprus. The EIB is dedicated to supporting precedence funding in Cyprus and happy to again Epic’s funding to develop into high-speed broadband get right of entry to in Cyprus. The EIB is recently running intently with non-public and public companions to liberate new training, reasonably priced housing, innovation and local motion funding within the nation,” mentioned Lilyana Pavlova, EIB Vice President.

Bettering get right of entry to to broadband web with Epic

The EIB as of late showed main points of recent EUR 19 million long-term financing to Epic to enhance the roll-out in their Very Prime Capability broadband community and comparable connectivity and IT funding.

“Complicated networks are one of the basic blocks of the EU’s transformation and an crucial pillar of the restoration, at nationwide and Eu degree. The well timed deployment of fibre and 5G networks will create important financial alternatives for the years yet to come, as a the most important asset for competitiveness and sustainability and a big enabler for long run products and services. On this regard, I wish to thank EIB but in addition to congratulate each EIB and Epic for collectively attractive on this extremely necessary initiative aimed toward boosting high-capacity broadband connectivity all through Cyprus. The long-standing engagement of the Eu Funding Financial institution in Cyprus has been and can proceed to be instrumental in fostering sustainable and inclusive expansion, developing an enabling atmosphere that speeds up a a hit inexperienced and transition,” Deputy Minister of Analysis, Innovation and Coverage, Kyriacos Kokkinos.

Hundreds of companies and families throughout Cyprus will get pleasure from quicker web speeds and get right of entry to to the Epic Fibre to the House networks.

“We see ourselves as catalysts for exchange and expansion, our FTTH challenge is ready to radically reshape the revel in of the Cypriot families and enterprises and boost up financial expansion by way of offering new alternatives for innovation and productiveness. Our ambition is to introduce and lead Cyprus to the gigabit generation by way of offering unprecedented fibre connectivity speeds at a in point of fact reasonably priced price so as to expedite adoption and meet the prevailing and long run wishes of our consumers within the fashionable generation. The brand new EUR 19 million long-term EIB financing will permit Epic to hurry up community enlargement and develop into broadband products and services in Cyprus,” mentioned Thanos Chronopoulos, Leader Govt Officer of Epic Ltd.

The brand new EIB subsidized funding, assured by way of the Eu Fund for Strategic Investments, will permit EPIC consumers get right of entry to to Gigabit products and services and fasten each cities and rural spaces.

“Funding to reinforce broadband speeds is very important for competitiveness, industry products and services and social existence. Throughout restrictions, running from house and lockdowns have highlighted the wish to additional scale up community funding and liberate innovation. The primary ever EIB enhance for Epic will be sure that Cyprus is healthier attached within the years yet to come.” mentioned Martin Peronnet, Leader Govt Officer of Monaco Telecom, father or mother corporate of Epic Ltd.

The brand new funding will even assist to reinforce ultrafast broadband get right of entry to, which recently lags in the back of the EU reasonable.

Accelerating power transition in Cyprus and chopping carbon emissions

Ultimate yr EIB enhance for power transition in Cyprus integrated EUR 150 million backing for building of a brand new LNG Terminal and EUR 76 million, assured by way of the Eu Fund for Strategic Investments, to enhance building of a brand new plant at Vasilikos in Cyprus by way of the Electrical Authority of Cyprus.

“The Eu Funding Financial institution is supporting power transition in Cyprus and around the globe. As a part of its Power Lending Coverage agreed in 2019, the EIB supported a pipeline of fuel initiatives already underneath appraisal, sooner than transferring to renewables-only lending from the top of 2021. The EIB seems to be ahead to running along side power challenge companions to enhance long run blank power funding in Cyprus.” added Lilyana Pavlova, Eu Funding Financial institution Vice President accountable for lending operations in Cyprus.

The brand new LNG terminal will allow Cyprus to exchange use of heavy gas oil for era with herbal fuel, reduce power costs and scale back carbon emissions by way of a minimum of 30%.

The brand new 160 MW CCGT Vasilikos plant would be the best fuel plant in Cyprus and

allow a shift clear of fossil fuels, scale back greenhouse fuel emissions and different kinds of air air pollution, and supply flexibility to permit larger use of intermittent wind and solar energy in Cyprus at some point.

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

inside the Eu Funding Financial institution’s power era emission efficiency usual of 550 gCO2 / kWh in position when the challenge used to be authorized.

Because the EIB board authorized the 2 power initiatives signed in 2020 the EIB has offered a brand new Power Lending Coverage that can finish all financing for unabated fossil-fuel energy era by way of the top of 2021.

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