Natural Gas Infrastructure Company (Etyfa)

DEFA has incorporated in 2018, a Special Purpose Vehicle (SPV) company, the Natural Gas Infrastructure Company (ETYFA) LTD, to own and manage the LNG Import Terminal. The shares of ETYFA are owned by DEFA (70%) and Electricity Authority of Cyprus (30%).ETYFA shall own and manage the LNG Import Terminal and has already signed an EPCOM Agreement for the Construction and O&M of the LNG Import Terminal. The Project includes a floating storage and regasification unit (“FSRU”), a jetty for mooring the FSRU, a jetty borne gas pipeline and related infrastructure (the “LNG Import Terminal”). The Project is expected to be completed in 2022 and cost €289m. It has secured part of the required funding (forty per cent (40%) of eligible CAPEX up to one hundred and one million Euros (€101,000,000) as a grant (the “Grant”) from the Innovation and Networks Executive Agency (“INEA”), through a grant agreement under the Connecting Europe Facility – Energy Sector (the “Grant Agreement”). ETYFA has also signed two Finance Contracts with European Investment Bank (EIB) for €150m, and European Bank for Reconstruction and Development (EBRD) for €80m.