Paramount Energy Corporation Ltd, is the latest company to be added in our group of companies. Established in 2019, Paramount’s main activity is the production of energy through the use of conventional fuel and in specific natural gas. The company obtained a Construction License in August 2019 from the Cyprus Energy Regulatory Authority, for the construction of a thermal power plant of a total capacity of 105MW. The project is located within the Vasiliko heavy industrial area in Larnaca district, and it will be constructed in an area of about 20,000m². Construction works are expected to be commenced in 2021 and the project is estimated to be completed within 18 months.
When fully operational the project is estimated to produce annually around 650,000MWh of electricity, which will significantly help cover the deficit in electricity production, that Cyprus is expected to face within the next years, following the decision of EAC to decommission the Dhekelia power station in 2024. In addition, the electricity demand in Cyprus is expected to increase within the following years, and our target is to help cover that gap through the construction and operation of our project. Another important effect of our project, is the contribution to the reduction of carbon dioxide emissions (Co2), since natural gas is considered an environment friendly fuel alternative to fossil fuels because of low carbon dioxide emissions. This is considered as a key point, since we strongly believe that natural gas is the key to the transition of Cyprus to a new and cleaner future.