EU banks support natural gas adoption in Cyprus

he Natural Gas Infrastructure Company of Cyprus has secured a €80 million ($94.7 million) loan from the European Bank for Reconstruction and Development (EBRD) to accelerate the use of natural gas to decarbonise the country’s energy sector.

The loan will be issued in partnership with the European Investment Bank (EIB) and the European Union (EU).

The utility will use the loan to acquire a floating storage and regasification unit (FSRU) and to develop related infrastructure.

The EU is extending a €101 million ($119.6 million) grant for the project under the Connecting Europe Facility. The remaining project costs will be funded by a €150 million ($177.6 million) loan from the EIB and a €43 million ($50.9 million) equity contribution from the Electricity Authority of Cyprus.

To continue reading the Power Engineering article please click here