Release date: 4 March 2019
Promoter – Financial IntermediaryDIRECTORATE GENERAL FOR EUROPEAN PROGRAMMES, COORDINATION AND DEVELOPMENT - REPUBLIC OF CYPRUS
The project consists of an EIB Lending facility for the financing of projects in the wider areas of energy efficiency and renewable energy. The facility will blend with the European Structural and Investment Fund (ESIF) allocations through setting up a financial instrument for financing new investments in the above-mentioned areas.
The project is a critical component of the country's energy strategy in line with the EU regulations. It is financed under the EIB climate action and will contribute to achieve Cyprus' 2020 targets to reduce CO2 emissions, by financing energy efficiency and renewable energy sources. Furthermore, it will contribute to achieving the relevant targets set in the Operational Programme Competitiveness and Sustainable Development 2014-2020 of which the said project forms an integral part.
Proposed EIB finance (Approximate amount)
EUR 40 million
Total cost (Approximate amount)
EUR 120 million
The Bank will assess the capacity and procedures of the Promoter/Financial institutions (FIs) to ensure the sub-projects' compliance with national and European environmental and biodiversity regulations, as well as their capacity to support the Bank's Public Disclosure Policy, which aims at facilitating access by the public to environmentally relevant information.
The sub-projects envisaged to be financed under this loan are expected to be developed by private entities, which are not subject to EU Directives with regard to the public procurement or concessions. However, if during appraisal it is found that public procurement procedures are applicable for some sub-projects, the Bank will require the FIs to ensure that contracts for the implementation of these sub-projects will be tendered in accordance with the relevant applicable EU procurement legislation (Directives 2014/23/EU, 2014/24/EU and 2014/25/EU, where applicable, as well as Directives 89/665/EEC and 92/13/EEC) as interpreted by the Court of Justice of the EU, with the publication of tender notices in the Official Journal of the EU, as and where required.
Signed - 2/12/2019
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).