Orites is the largest wind farm in Cyprus. It has an installed capacity of 82MW.

At the time of acquisition, it represented more than 20% of Cyprus’ renewable electricity generation capacity.

The wind farm has been operational since 2011 and comprises 41 wind turbines. The renewable electricity generated is exported directly to the grid through a long-term, fixed-price contract with the Electricity Authority of Cyprus.

The Orites wind farm actively supports the local community, both financially and by educating young people about the energy transition.

Supporting the Energy Transition in Cyprus

Ancala acquired the Orites wind farm in March 2020. The vendor wanted to move quickly. Ancala’s track record of delivering within a short frame and conviction in the investment was crucial to completing the investment.

Enhancing downside protection

Shortly after acquisition, we refinanced the business with a significantly more attractive debt package both in terms of size and terms. In addition to this, we renegotiated a key service contract, resulting in lower cost and increased downside protection. We have worked with the operations and maintenance provider to significantly reduce the downtime risk of the turbines, for example by increasing the turbines’ resilience against high temperatures and through storing high value spare parts locally in Cyprus. These initiatives have been delivered at no additional cost to the business.

Under Ancala’s ownership, the business has strengthened its ESG performance, for example through conducting annual Health & Safety and Environmental audits. We have also been exploring new opportunities to further support the energy transition in Cyprus.