Commercial Building for sale in Mari, Larnaca

Investment Opportunity: Natural Gas Power Plant 260MW in CyprusPurpose of the information setInvitation to participate in the development and operation of a Power Plant in Vasilikos area, Cyprus (the “Project”). The proposed transaction incorporates the process of seeking potential investors that will be interested to invest in this investment opportunity and/or banks which may be interested in the financing of the Project.Key Investment HighlightsFollowing the increasing demand for affordable energy both at commercial and industrial sectors in Cyprus, the Project Promoters are considering the licensing, construction and operation of a 260MW combined cycle Power Plant in Vasilikos area, in Cyprus, to generate and supply electricity to electricity energy market.The Project is expected to operate with optimised configuration, using 3 gas turbines to 1 steam turbine configuration, that will produce electricity from natural gas, following the expected arrival of Liquefied Natural Gas (“LNG”) in the island, resulting to 260MW power output and c.60% gross efficiency.The Power Plant will use regasified natural gas which will be provided by the state Natural Gas Public Company (“DEFA”), operating a floating LNG import terminal located at Vasiliko Bay.The operations of the Project are expected to commence by Year 3, while Years 0-2 will be required for the completion of the Project preparation and construction activities.According to the Project Promoters, the resulting average annual output is estimated at c.1.4mln MWh.The Project Promoters envisage to assemble a team of international and local advisors and consultants based on their experience in the construction and operation of similar projects, as well as the quality of services offered. The Project Activities will be regulated by the Cyprus Energy Regulatory Authority (“CERA”) and the Transmission System Operator (“TSO”) in Cyprus.All licenses and permits required for the commencement of construction are expected to be obtained at a later stage. The positive preliminary opinion from all government and other relevant departments for the licensing has been obtained.Project LocationThe Project is expected to be developed on two parcels of land of 26.133 sq.m. situated in the centre of the Heavy Industrial Zone B2 (“the Land”) of Vasilikos area, 26km to the east of Limassol, 40km south-west of Larnaca and 0.5km of Vasilikos Port, exactly next to where the new LNG Terminal will be constructed.Vasilikos area, being the only available coastal heavy industry zone in Cyprus, was selected as the most suitable location for the construction of the Vasilikos Energy Centre (“VEC”), due to its location and morphology, having several economic and planning advantages for the facilities concentrated in the VEC.The Land will be leased from the current owners for the duration of the Project by a new company to be formed for the development of the Project (the “Project Company”).The Land is the only undeveloped land in VEC, following the construction of the LNG Import Terminal, owned by private individuals who agreed with the Project Promoters the lease of the Land to the Project Company.