InsiderBusinessENI-SAIPEM for solar thermal power park

ENI-SAIPEM for solar thermal power park

ENI-SAIPEM S.P.A., the multi-million international construction contractor, will support the construction of a solar thermal park in the region of Alassa, Limassol. The company is well-known in Cyprus from the SAIPEM 12000 drilling at Block 6 of the Cyprus EEZ, as well as from its long collaboration with the Republic of Cyprus.

In a recent epistle to the President, ENI-SAIPEM S.P.A declares its readiness to work for the success of CY Csp EOS Green Energy Project as its exclusive contractor.

The actions of ENI-SAIPEM can be connected to the fact that the EU Commission is disappointed by the Cypriot government’s reluctance to support renewable sources of energy in the context of the NER300, one of the world’s largest funding programmes for innovative low- carbon energy demonstration projects

According to the EU commission renewable energy sources should be unequivocably supported, always within the framework of technology neutrality and free market operation with healthy competition. Cyprus does not guarantee the necessary levels of market safety even though it claims to support liberalisation of the electricity market

It is noted that the assignment makes room for the state’s right to state the price threshold without violating the rules of competition rules.

Banks and other financial institutions that have shown interest in financing the project, and in particular the European Investment Bank, have identified the problem of the absence of a substantial individual support plan for the project.

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