Hybrid solar + BESS — Cyprus
INVESTOR TEASER (1 page)
PARK-RTB-2026
Confidential — Mar 2026
PARK-RTB-2026
Confidential — Mar 2026
Agios Theodoros Solar Park with Battery Storage
Agios Theodoros, Larnaca District, Cyprus — CERA Ε004576/2024 — Ready to build. Teaser + Excel model are in the same folder on the site (/lighthief-cyprus/parks-for-sale/agios-theodoros-rtb/).
2.64 MWp
PV capacity
680W bifacial TopCon
10.56 MWh
BESS (4h)
LFP, 2.5 MW
€4.59M
Total CAPEX
ex VAT
~16-20%
Lev. equity IRR (indic.)
see footnote †
5.68 GWh
Annual production
2150 kWh/kWp·yr
€280K
Solar rev Y1
1,987 MWh × €141/MWh
€554K
BESS rev Y1
3,025 MWh × €183/MWh
€834K
Gross Y1 revenue
solar + BESS combined
Revenue mechanics
680W bifacial TopCon, fixed tilt 25° south, white albedo (bifacial gain +11%). 65% curtailment scenario (2027 baseline).
| Source | MWh/yr | €/MWh | Y1 Revenue | Basis |
|---|---|---|---|---|
| Solar (uncurtailed 35%) | 1,987 | 140.88 | €280K | DAM daytime avg 06:00–17:00 |
| BESS (65% curtailed × 95% capture) | 3,025 | 182.99 | €554K | DAM evening peak 17:00–21:00 |
| Total gross Y1 | 5,012 | — | €834K | Before 10% aggregator fee & 15% CIT |
† IRR range ~16-20%: low end = 65% curtailment baseline; high end = 55% curtailment with rising DAM prices. Rates from TSOC DAM sample 134 TSOC day-ahead days (1 Oct 2025 – 11 Feb 2026), 6,432 half-hourly prints. Full derivation in Excel Revenue_Model sheet.
CAPEX stack (ex VAT)
| Line | EUR | Notes |
|---|---|---|
| PV EPC (2.64 MWp) | €1.90M | €0.72/Wp turnkey |
| BESS EPC (2.5 MW / 10.56 MWh) | €1.34M | €127k/MWh ex VAT |
| RTB acquisition | €1.00M | |
| Development | €0.35M | Grid, permits, fees, contingency |
| Total | €4.59M | Aligns with v4 EPC workbook + site |
Financing & model (summary)
| Item | Value | Notes |
|---|---|---|
| Senior debt | €2.27M | 70% of PV+BESS EPC; 15 yr, 5% nominal |
| Equity (all-in) | €2.32M | RTB + dev + equity share of stack |
| Y1 gross energy revenue | €834K | Y1 gross: uncurtailed solar €280k (35% × €141/MWh) + BESS €554k (3,025 MWh × €183/MWh) — see revenueModel |
| Aggregator / offtake fee | 10% | Of gross energy revenue |
| Cyprus CIT | 15% | 15% from 1 Jan 2026 |
| Y1 OPEX (PV+BESS+other+land) | €122K | Escalates in model |
| D&A bases | €3.24M / €1.35M | PV+BESS 20yr; RTB+dev 15yr SL |
Wholesale reference (DAM)
Indicative only. 134 TSOC day-ahead days (1 Oct 2025 – 11 Feb 2026), 6,432 half-hourly prints.
| Block | Avg €/MWh |
|---|---|
| 24h average | 158.19 |
| Evening peak (17:00–21:00) | 182.99 |
| Midday (10:00–14:00) | 101.13 |
| Peak – midday spread | 81.86 |
Binding numbers: use the downloadable Excel model (PARK-RTB-2026) — Cover + Assumptions sheets. This teaser is a non-binding summary. Not an offer. Investors should take tax and legal advice. Ex VAT unless stated.