SUNIR, Cyprus in Renewable Energy Talks

SUNIR, Cyprus in Renewable Energy Talks SUNIR, Cyprus in Renewable Energy Talks

Iran Power & Water Equipment & Services Export Company (SUNIR) welcomes collaboration with Cypriot enterprises in the energy sector.

In a meeting between Bahman Salehi, chief executive of SUNIR, and Cypriot Minister for Transport, Communications and Labor Marios Demetriades, the two sides explored grounds for cooperation in the renewable energy sector.

Noting that SUNIR has implemented more than 200 projects not only in neighboring states but also in the Middle East and Central America in the past two decades, the official expressed the company's readiness to play an active role in undertaking renewable energy initiatives in Cyprus.

"As an EU member state, the Mediterranean country can be a strategic partner to help SUNIR expand its range of activities both in the region and across the world," he said.

Stressing on financial issues, the two sides discussed financing renewable energy mega projects, especially construction of solar power plants.

Welcoming SUNIR's participation in developing energy projects in Cyprus, Demetriades added that SUNIR's experts have proved their capabilities in completing mega projects, which explains why it can be a major player in the EU member state's energy sector.

Iranian energy officials have already announced the country's readiness to play a bigger role in Cyprus' energy market by carrying out a wide range of projects.

Iran has had limited trade ties with the small European Union member state. Data show exports to Cyprus were shy of $900,000 in 2013, while imports stood at around $6.2 million.

A small country with an estimated population of 1.1 million, Cyprus is potentially a lucrative market for energy-rich Iran that sits on some of the world's largest hydrocarbon resources.

Cyprus is an island with no hydrocarbon energy resources and almost entirely relies on imported fuels for electricity generation.

Currently, the primary imported fuel used for electricity generation is heavy fuel oil and diesel, the two petroleum products that Iran can handily offer to Cyprus. The country's power generation system consists of three thermal power stations with a total installed capacity of 1,480 megawatts.