Photo: EAC PV Park at Tseri, Cyprus (c) EAC
The Electricity Authority of Cyprus (EAC) has opened a second photovoltaic park in Akrotiri with an operating capacity of 12 MW. This adds to EAC’s first 3 MW photovoltaic park operating in Tseri. The Akrotiri Park took over 10 years to license and bring to market.
In 2022 Cyprus had 150 photovoltaic parks connected to the national grid, with a total capacity of 220 MW. The total renewable energy installed capacity is only 670 MW, including PV, wind and biomass. As can be seen, the large majority of plants are small and owned by the private sector.
The relatively low performance of EAC is contrasted with Greece’s Public Power Company (PPC), which has taken a far more active role in renewable energy investments. As of June 2023, PPC had a total installed capacity of 772.5 MW in 92 projects, including 240 MW of wind; 74.2 MW of hydroelectric; 455.5 MW solar and 2.7 MW hybrid.
According to Renewables Now, in June 2023 Greece’s total renewable energy capacity reached 11,284 MW of installed capacity, not including hydropower stations. Of this, solar PV account for 5,788 MW, followed by wind farms with 4,828 MW.
As EAC’s press messages state, the opening of the second photovoltaic park at Akrotiri won’t reduce the current price of electricity: the new installed PV capacity is simply too small to make a difference.
In 2022 Cyprus ranked 16th in European Union for final consumption of renewable energy. The lack of storage infrastructure is one of the biggest challenges Cyprus faces when it comes to renewable energy. This leads to waste of renewable energy produced that cannot be consumed during summer periods with plenty of sunshine or periods with high winds.
The slow permitting process; the lack of national grid connections to RES production areas; and the wider lack of a national strategy and prioritization affects the investment attractiveness of Cyprus in this area.
For further information on renewable energy investments in Greece and Cyprus, please contact us.
Sources:
EAC’s new photovoltaic park inaugurated
Electricity price statistics
3rd National Energy Efficiency Action Plan for Cyprus
Electricity Authority of Cyprus – Renewable Energy Systems
Public Power Company Greece
Renewables Now
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