EIB agrees to support construction of new power plant in Cyprus The new 160 MW CCGT Vasilikos power plant will enable a shift away from fossil fuels, reduce greenhouse gas emissions and other forms of air pollution.EIB | Updated: 18-12-2020 19:53 IST | Created: 18-12-2020 19:53 IST The EIB will provide a EUR 76 million 15 year loan to finance construction and connection of the new EUR 152m plant at Vasilikos on the southern coast of Cyprus, alongside an existing energy generation facility and industrial site. Image Credit: Pixabay The European Investment Bank has agreed to support the construction of a new power plant at Vasilikos in Cyprus by the Electricity Authority of Cyprus.