Ancala Partners has paid an undisclosed amount to buy the largest wind farm in Cyprus.
The infrastructure investment manager said funds it manages have bought the 82MW Orites wind farm developed by Platina Energy Partners and a local entrepreneur.
The Oriteswind farm, which cost around €170m to develop, has been operational since 2011. It comprises 41 Vestas V90-2MW wind turbines and produces around 5% of Cyprus’s entire electricity generation capacity.
All electricity generated is exported to the grid through a long term power purchasing agreement with Electricity Authority of Cyprus.
Karen Dolenec, partner, Ancala Partners, said: “The scale and quality of this asset means it will play an important role in further diversifying our investors’ portfolios.
“This transaction highlights our expertise in identifying and realising attractive investment opportunities across Europe. We look forward to exploring additional opportunities to support Cyprus in its transition to a more sustainable and self-sufficient energy sector.”
Adrien Pinsard, partner, Platina Energy Partners, said: “Orites has been an excellent asset in our portfolio, the result of a successful cooperation with our local partner, but also with the regulator and the local authorities in general.
“When it was built, the windfarm was by far the largest renewable plant in the Republic of Cyprus, thereby constituting a landmark transaction at the time.”