The multi-site development, which includes ground-mounted solar parks in five locations across the country at Frenaros, Nisou, Dali, Paliometocho and Malounta, are among the first solar projects of this scale in Cyprus.

RECOM, the second-largest manufacturer of PV modules in Europe, has partnered with investment group CYPV Energy Limited on the project, which will see over 45,000 of RECOM's 60-cell Amur Leopard 260 poly high efficiency panels installed.

The project represents another milestone venture in the Mediterranean which highlights RECOM's commitment to supporting solar projects in Europe during a difficult and uncertain period for the industry on the continent.

RECOM CEO Hamlet Tunyan said: "We're delighted to be teaming up with CYPV as we fully share their vision of transforming Cyprus into a model country for green energy development; it's particularly pleasing that our high efficiency panels are being deployed in a project which is a major part of helping Cyprus to reach its 2020 target for sustainable power generation."

The company with the majority participation in the project CYPV Energy chairman Dmitry Morozov said: "We're proud to be part of these high capacity renewable energy projects, which have the highest standards of design and technical specifications, and are expected to offer clean energy for many years, thus contributing to Cyprus' goals for minimizing CO2 emissions."

He added: "The selection of RECOM photovoltaic modules falls within this policy of high technical standards. Our cooperation so far has been excellent and we expect that it will continue as such in the long term."

The European Bank for Reconstruction and Development (EBRD) is providing €10 million in debt financing for the construction, development and operation of the five sites.