The Cypriot government is taking renewed action to bring the long-awaited Pentakomo Technology Park project to life—a venture that has been stalled for nearly two decades. Years of inaction have significantly impacted the land initially allocated for this development. Originally encompassing 400,000 square meters, the site now spans only about 200,000 square meters. In light of this reduction, sources inform Brief that efforts are underway to identify additional available land to meet the project’s development requirements.

Learning from past failed attempts to secure an investor, the current government has sought external consulting services to guide the bidding process for this project. Unlike previous attempts, this approach aims to prevent the missteps of earlier tenders, which never managed to attract viable investment.

According to individuals familiar with the matter, a critical issue in previous bids was the high investment demand of nearly €100 million. However, the conditions outlined in those bids were financially unappealing for potential investors.

In response, the project’s current framework is expected to follow the BOT (Build-Operate-Transfer) model, similar to Cyprus’s airport management contracts. This approach will likely include incentives to make the project more attractive to investors.

The Ministry of Energy has announced that the consulting services will cover a range of preparatory activities, including studying successful practices from other countries, conducting market research, and promoting the project to prospective investors. Additionally, consultants will help draft the tender documents and assist in evaluating proposals to select the most qualified bidder.

Barring any unforeseen obstacles, the Ministry of Energy expects to release the tender for a strategic investor by January 2025.