With the adoption of the new EU directive on ‘Energy end-use efficiency and energy services,’ there has recently been a new push to promote the use of renewable energy. This has been put into practice in Limassol for the first time, with the signing of the Energy Efficiency Contract with Third Party Financing between the company Energy & Beyond, and the food manufacturing company, Paradisiotis Ltd.
As the manager of Paradisiotis Ltd, Pavlos Paradisiotis, explains “the energy saving is as important to our company as the care for a proper diet with proteins for us all”. At the same time, Mr. Paradisiotis stresses out that it is important for the company to have a financial profit out of this kind of investments. “We invest a lot in our production, technology and development. We chose this pioneering type of agreement as a significant, business option. This way, the installation of the photovoltaic system and the environmental benefits could be implemented immediately. As for the financial benefit will come right after”, he adds.
Throughout the duration of the Contract, Paradisiotis Ltd will enjoy economic benefits of more than 10% in comparison to conventional power supplies, as well as other long-term benefits, throughout the longevity of the photovoltaic system. The advantages of this latest legislation lies on the fact that Paradisiotis Ltd will benefit from this investment, which is funded by an Austrian investor, who works with renewable energy investments internationally.
The multi-year Energy Efficiency Contract guarantees annual Energy Savings of approximately 480000 kWh. The photovoltaic system has been licensed for installed power of 300 kWp, and installation will be carry out by Suntechnics Ltd, a subsidiary of GDL Green Energy Group Ltd. The use of this particular system also results in a significant reduction of carbon dioxide emissions, at approximately 364 tons per year.