German Solar Company Acquires Solar Specialist on Cyprus

Alternative-Energie-Technik GmbH (AET), a European solar wholesaler, is expanding internationally with its own subsidiary into solar markets that now include proximity to customers in the Republic of Cyprus. By acquiring AET Solar in Limassol, a spin-off of the solar division of Cypriot electronics wholesaler and installation company G.G.A.M Electrical Services Ltd., AET plans effective operations in the growth market of solar.

The two managers running the subsidiary with experience of both the region and the solar industry are George Georgiou, hitherto managing owner of AET Solar, and Dieter Schmitt, chief executive of Greek AET Solion. “With over 300 days of sunshine a year and a total solar radiation of some 1,700 kilowatt hours (kWh) per square meter, Cyprus not only provides the best geographical and climatic conditions in which to harness solar energy,” said Dieter Schmitt, but “thanks to the amendment of the existing buyback price which the Cypriot government has announced will be implemented this year, we can also expect a significant increase in demand for regenerative system solutions.” Not only does the amendment bring the prospect of a significantly higher buyback price in the amount of 39 cents per kilowatt hour, it also promises a considerable simplification and acceleration of the permit application procedure. When it acceded to the European Union, Cyprus took on the obligation to implement the European eco-electricity directive and to develop by 2010 the percentage of the total electricity supply represented by regenerative energies to over six percent. Currently regenerative energies are estimated to account for just 0.02 percent.
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