The foundation stone for the new private power plant at Vassiliko, PEC Power will take place next month, it was announced on Tuesday.
The ceremony will take place on February 15 in a closed event attended by President Nicos Anastasiades and other officials, said Power Energy Cyprus (PEC), which has a licence to produce 230 MW.
“The power plant aspires to become the first private station in Cyprus, while Power Energy Cyprus aims to become the first private company to dynamically enter the energy sector and specifically produce cheaper conventional electricity for Cypriot consumers,” the announcement said.
It added that the project was expected to “radically change and fuel” the electricity production and consumption, offering cheaper electricity.
“Consumers in Cyprus will be able for the first time to choose their supplier of electricity and break the monopoly of the EAC,” it added.
The construction of the project is being undertaken by Cyfield Construction Ltd.
The combined cycle gas turbine power station is being located on land leased from the Cyprus Ports Authority north of the Evangelos Florakis naval base.
At the end of 2017, the licence for the plant passed from Russian interests to Cypriot.
Energy regulator Cera approved the go-ahead for PEC in January 2018 and work has been ongoing to clear the area for construction, which was obliged to be completed by December 31, 2018 including projects related to the road network, building permits and equipment suppliers.
At a cost of some €200m, the new plant is due to be completed late 2020 or early 2021.