In statements to the press, Minister of Commerce Neoklis Sylikiotis said that following the conclusion of the four electronic sessions, the cost of electricity production from these parks will be cheaper by 43,76% compared with the price of electricity produced by fossil fuel.

Sylikiotis explained that the photovoltaic parks will be completed with the lowest cost for the citizens, as the price of electricity production declined to 8.66 cent per Kilowatt-hour (KWh) compared with the 15,40 which is the price of electricity production from conventional (fossil) fuel.

He also said that funds saved will be used to boostthe income of the Renewable Energy Fund, whose main source of income stems from the RES levy imposed on the Electricity Authority of Cyprus` retail price bills. "This is very important because it creates the conditions for the Fund to become sustainable," he said.

The process attracted strong interest as 121 applicants submitted a total of 2,150 bids. Fifteen firms were selected to construct photovoltaic parks with a production up to 1,5 MW, five for parks up to 3 MW, two firms for photovoltaic parks up to 5 MW and one firm to construct a photovoltaic park with a capacity up to 10 MW. The annual electricity production from these parks is estimated at 80 Gigawatt-hours (GWh).

Sylikiotis pointed out that apart from contributing to Cyprus` target for electricity production from renewable energy sources, these projects will boost growth at a time of financial crisis.

Source: Financial Mirror