Ancala Partners acquires 82MW wind farm in Cyprus
Ancala Partners LLP (‘Ancala’), the independent infrastructure investment manager, has acquired the largest wind farm in Cyprus with an installed capacity of 82MW. Terms of the transaction were not disclosed.
Operational since 2011, the Orites wind farm comprises 41 Vestas V90-2MW wind turbines and produces around 5% of Cyprus’s entire electricity generation capacity. All electricity generated is exported to the grid through a long term Power Purchasing Agreement (PPA) with Electricity Authority of Cyprus (EAC), the government-backed operator responsible for transmission, distribution and supply across the island. The asset has a fixed rate tariff with the Cypriot government until 2031.
The asset, which has been developed and constructed by Platina Energy Partners and a local entrepreneur, uses well-established, low-complexity technology comprising turbines installed and maintained by the world’s largest manufacturer, Vestas.
The acquisition was made by funds managed by Ancala.
Karen Dolenec, Partner, Ancala Partners LLP, commented:
“We are delighted to have acquired this wind farm. The scale and quality of this asset means it will play an important role in further diversifying our investors’ portfolios. This transaction highlights our expertise in identifying and realising attractive investment opportunities across Europe. We look forward to exploring additional opportunities to support Cyprus in its transition to a more sustainable and self-sufficient energy sector”.
Adrien Pinsard, Partner, Platina Energy Partners, commented:
“Orites has been an excellent asset in our portfolio, the result of a successful cooperation with our local partner, but also with the regulator and the local authorities in general. When it was built, the windfarm was by far the largest renewable plant in the Republic of Cyprus, thereby constituting a landmark transaction at the time. We are proud to have been associated with the creation of renewable energy in the island and wish Ancala continued success with this quality asset.”
Notes to Editors
About Ancala Partners
Ancala Partners LLP is an independent infrastructure investment manager focused on delivering enhanced returns from mid-market infrastructure investments. It invests in and manages businesses across infrastructure sectors including utilities, energy, transportation, telecommunications and midstream in Europe. Ancala adopts a proactive approach to the origination and asset management of investments to create value for its investors
For more information, see the website: www.ancala.com or contact:
Ancala Partners LLP
Spence Clunie, Managing Partner
Tel: +44 (0) 20 8059 0320