Croatian electrical engineering firm Koncar Elektroindustrija has signed an agreement with the Electricity Authority of Cyprus (EAC).
The contract approves the former to conduct an overhaul many of Cyprus’ high-voltage substations
Worth over €13.7 million, the contract will have Koncar officials supply as well as install the necessary equipment for 132kV electric substations at the New Limassol Port, Papacostas and Ipsonas.
The aim of this cooperative act is to strengthen Cypriot’s power supply system and boost its ability to disperse and distribute electricity, while also allowing for newer capacities to include sources of renewable energy.
As the island nation is set to grow substantially in the next couple of years, this would be the ideal time to upgrade their power supply system.
Koncar has said in its statement that the company, with its first project in Cyprus is set to expand its range of offerings, including providing solutions based on eco-friendly renewable energy.
Meanwhile the share price of Koncar went up to €298 – roughly 1.36% more than its previous price at Zagreb Stock Exchange.
