The Transmission System Operator of Cyprus (TSOC) predicts that
Cyprus'' new electricity market design will play a central role in the evolution of its
Norwegian company Ocean Sun has signed an agreement to provide its floating solar technology for utility-scale floating PV projects in Greece and Cyprus.
A collaboration with developer MP Quantum Group will see the companies initially build a 2-4MWp pilot project, before moving on to larger-scale installations at both inland reservoirs and offshore locations.
Following completion of the demonstration project, the partners are looking to develop a "minimum of 100MWp per year" of floating projects in the two countries, Børge Bjørneklett, CEO at Ocean Sun, told PV Tech.
A license agreement allows MP Quantum to develop the plants using Ocean Sun''s floating technology, whichis based on a thin polymer membrane that is used to mount PV modules.
"Floating solar is an excellent fit for the energy markets in Greece and Cyprus, with good irradiation, water resources and a commitment from authorities to push for the renewable energy transition," said MP Quantum Group chairman Yiannis Alafouzos.
MP Quantum Group is owned by the Alafouzos family, which also has a majority interest in Greece-based tanker company Okeanis Eco Tankers. According to a press release, the creation of MP Quantum is part of efforts by the family "to become a major player in the shift towards green electricity".
"The Alafouzos family has an impressive track record of successful businesses and we are honoured to have them as ambassadors, developers and enablers of Ocean Sun floating PV systems," said Bjørneklett.
For Ocean Sun, the collaboration follows the recent announcement of a pilot project off the coast of Spain’s Canary Islands that will be used to analyse how the company’s technology performs in high waves.
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In the last decade, solar power capacity has grown tremendously to become the fastest-growing source of renewable energy in the world.
Solar power directly contributes to the Cyprus’s energy security and independence, as well as helping to meet rising electricity demand and CO2 emission reduction goals.
The rapid solar photovoltaic installations were primarily due to ongoing supportive government policies and initiatives and a sharp decline in technology and PV system costs.
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According to Blackridge Research, the outlook for solar PV installation remains strong in the medium term, and the market is expected to expand during the forecast period due to compelling economics, and decarbonization commitmentsby various stakeholders.
Blackridge Research’s Cyprus Solar Power Market Outlook report consolidate the developments and build a perspective on growth from the point of view of the solar sector, in its current and future role.
The report provides a comprehensive analysis of the historical development, the current state of solar power installation scenario, and its outlook.
The majority of data in the report have been derived from multiple bottom-up and top-down analyses, as well as proprietary models, databases, and offerings – Solar Intelligence Hub and Global Project Tracker Service built from public and exclusive sources over the years.
The insights include but are not limited to the market data, solar PV installation data and capacity additions data and forecast, government policies and regulations, project data (upcoming solar power projects, under-construction projects, and operating/commissioned solar power plants), company profiles of major players, and competitive landscape analysis.
The market research report covers market dynamics, growth potential of the photovoltaic (PV) and concentrated solar power (CSP) markets, economic trends, and investment & financing scenario in the Cyprus.
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Special attention is given to depicting the impact of the ongoing COVID-19 pandemic and changes in the government policies and regulatory landscape.
2. Research Scope and Methodology
9. Conclusions and Recommendations
Abbreviations
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