Three gas turbines for Power Energy Cyprus (PEC), the first private conventional power plant, have arrived in Cyprus and are currently being installed, Cyprus News Agency (CNA) reported on Thursday.

According to a statement, the turbines accompanied by their generators from Siemens, worth €48 million, will operate with modern combined cycle technology and will consume natural gas.

The plant will produce 25-30 per cent of Cyprus’ electricity needs, and aims to address the country’s major energy crisis, CNA said.

Meanwhile, the cost of the investment will be covered by Cyfield’s own funds and borrowing from Cypriot banks and will amount to €200m, it said.

“With an efficiency of 58 per cent and a size of 260MW, it is estimated that it will significantly reduce electricity costs and help industries, companies and households…the plant will also come to meet Cyprus’ electricity sufficiency, having the capacity to operate uninterrupted for 30 years,” it said.

Back in 2021, the CEO George Chrysochos, said the project was one of the biggest of its kind in Cyprus and is expected to contribute significantly to the further development of the country.

PEC has also signed and accepted the network administrator’s preliminary connection terms for connecting to the national grid.

The company aims to use natural gas for electricity generation. The Natural Gas Public Company (DEFA) will need 24 months from the start of operations for the arrival of natural gas.

Cyfield aims to complete the project in the summer of 2024.