ECONOMY

J&P Avax gets Cyprus contract

A consortium led by Greek construction group J&P Avax has signed a contract to build a 225-million-euro power plant in Cyprus, the Athens-based company said yesterday. The consortium with Hitachi Power Europe, 75 percent-held by J&P Avax, will design and construct the 220-megawatt power plant to be built at Vasiliko on the southern coast of Cyprus. The first phase of the project involves the installation of two gas turbines within 24 months and the second phase involves a steam turbine being installed in the following six-month period, the company said in a statement. «We have bid for several other projects in Cyprus, mostly marine projects, and are waiting for their outcome,» a company source told Kathimerini English Edition. The latest deal pushed J&P Avax’s order book, consisting of signed and pending projects, to 2.7 billion euros, the source added. Shares in J&P Avax fell 2.15 percent on the Athens bourse yesterday to 3.19 euros versus a 1.80 percent retreat on the broader market.