Within the frame of development of renewable energy projects in Cyprus and introduction of a new regulated model of energy market operations in Cyprus, Justy Business Ltd through its subsidiary Solarfirst Ltd made an investment into the licensed Energy Distribution Company – Bioland Promithia Ltd.

Further development of the Energy Distribution Company will be carried out in cooperation with the Justy Business’ strategic partner Bioland Group. Long-term development strategy of Bioland Promithia Ltd involves market share increase on energy distribution market in Cyprus as an independent utility company. The company shall supply Cypriot businesses with energy derived from renewable sources.

Justy Business Ltd through its subsidiary company Solarfirst Investments Ltd extends its investments into renewable energy sector in Cyprus in cooperation with its strategic partner Bioland Group and launches construction of 7 new photovoltaic parks in Cyprus with total installed capacity of 9.7 MW. The parks shall be connected to the grid within 2022.

Following its strategy directed towards production of “clean energy”, Justy Business Ltd through its subsidiary company Solarfirst Investments Ltd has invested into fully operational and connected to the grid photovoltaic park with installed capacity of 2.6 MW in Meneou, Cyprus.

Seeing PV park like this become operational helps continue steady progress toward increasing energy supply from renewable sources. This investment brings total installed capacity of connected to the grid parks within Justy Business Ltd investment portfolio to 12.6 MW.

Aiming at the production of energy from renewable sources, Justy Business completed the project of photovoltaic parks development in cooperation with Lanitis Energy Ltd and T.P.Timotheou Ltd, through its subsidiary L&T Sun Power Ltd.

Five photovoltaic parks with installed capacity of 10 MW were connected to the national grid. The grid connection of the new PV solar parks will take Cyprus a big step forward towards reaching its target set by the European Union to increase the production of "green energy".

Justy Business has completed the transaction for the sale of Charlie Living project, that It proved to be a very successful investment by the company. The buyer is a German private investment group.

The financial terms of the deal are being kept confidential under a mutual agreement between the parties.