Greece-based company HELLENiQ ENERGY announced the acquisition of six photovoltaic parks, with a 26 megawatts (MW) capacity, in Cyprus, increasing the total capacity of its renewable portfolio in the country to more than 40 MW.
The acquisition, carried out through its subsidiary HELLENiQ Renewables, is the Group’s fifth investment in RES internationally and the second in the Cypriot market.
Additionally, it is estimated to lead to an additional annual production of renewable electricity of 43 gigawatt-hours (GWh), increasing the total annual production to 68 GWh.
With this investment, which is a part of the Vision 2025 strategy, HELLENiQ ENERGY aims to further strengthen its role as a leader in the evolving energy sector.
The new parks will operate gradually, within the next five months, after the completion of the transfer of the shares, at which point they are expected to contribute to HELLENiQ Renewables Cyprus production capacity.