Cyprus Gets EBRD Loan to Buy FSRU

The European Bank for Reconstruction and Development (EBRD) will provide an €80 million loan ($94,7 million), alongside EU and EIB financing, for a floating storage and regasification unit in Cyprus

The EBRD is providing an €80 million loan to the Natural Gas Infrastructure Company of Cyprus (ETYFA) for the acquisition of an FSRU and the development of related infrastructure.

The FSRU will be permanently anchored about 1.3 km off the coast of Limassol in Vasilikos Bay and will connect directly to the adjacent Vasilikos power station, the largest power plant in Cyprus.

The EU is extending a €101 million grant for the project under the Connecting Europe Facility. The remaining project costs will be funded by a €150 million loan from the EIB and a €43 million equity contribution from the Electricity Authority of Cyprus (EAC).

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