Another 7.5MW added to the island’s renewable energy capacity with RCB’s financing

15 July, 2020

Two photovoltaic parks belonging to Galascope Ltd and financed by RCB Bank have been completed and are now successfully connected to the national grid, adding another 7.5MW to Cyprus’ renewable energy capacity. The financing was provided partly through RCB Bank’s own funds and also through the relevant agreement between RCB Bank and the European Investment Bank (EIB). Supporting Cyprus in reaching its national goals on renewable energy is yet another tangible and solid proof of RCB Bank’s commitment in helping Cyprus grow and in a green manner, as per its EU obligations.

RCB Bank’s portfolio of photovoltaic parks which are connected to the grid and participate in the open market – and do not just enjoy a fixed tariff – has now reached 16.5MW. Another 7.8MW is ready to be connected to the grid within the next month, while an additional capacity of 7.4MW is at the final stages of construction.

Commenting, the Head of Corporate and SME Lending, Christoforos Stylianides, stated: “RCB Bank is committed to helping our country to meet but also to exceed its renewable energy targets. We are strong advocates of a greener environment and we firmly believe that Cyprus should utilize its sun to this end. RCB Bank has invested a lot of time and effort into understanding the industry and the market dynamics and into pooling together an expert technical team in order to be able to finance renewable energy projects. We are proud to be leading the way in this field”

Lilyana Pavlova, Vice President of the European Investment Bank added: “As the EU climate bank, the European Investment Bank is committed to supporting the energy transition and increasing generation of clean energy. This project adds another 7.5MW to Cyprus’ renewable energy capacity, harnessing the country’s great potential for solar energy. The EIB bank is very pleased to be able to once again support development of renewable energies in Cyprus with our longstanding partners RCB Bank.”