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    Reference: 20190376
    Release date: 7 February 2020

    Promoter – Financial Intermediary




    Installation of a new Combined Cycle Gas Turbine (CCGT) at Vasilikos Power Station.


    The new CCGT will ensure security and flexibility of electricity supply, in the context of an increasing roll-out of renewable energy sources in Cyprus.


    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    EUR 76 million

    Total cost (Approximate amount)

    EUR 152 million

    Environmental aspects

    Based on its technical characteristics, the Project falls under Annex II of the Environmental Impact Assessment Directive 2014/52/EU amending the Environmental Impact Assessment (EIA) Directive 2011/92/EU. An EIA has been submitted for the plant and positive feedback has been obtained from the relevant competent Authority. Town Planning Permit, Building Permit and Construction License have been granted by the relevant competent Authorities. The promoter has indicated that no environmental and social issuesi or concerns have arisen to date. Emissions from the plant will be in line with the relevant EU directive requirements.


    The Promoter has to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation, 2014/25/EU or 2004/17/EC, where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.


    Signed - 17/12/2020


    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).

    Related tags

    Cyprus Energy