The Greek Orthodox Church in Cyprus is planning to invest $234 million in a photovoltaic (PV) factory. BBC News reports this unusual announcement follows warnings by the Cypriot government of severe power cuts in 2008 unless additional sources of electricity are added to the power-strapped Mediterranean island.
However, the church will not use the new PV factory as a for-profit operation. BBC News adds that Archbishop Chrysostomos II plans to direct the profits from the factory to aid in local social work. No dates have been set on when construction will begin on the factory or when it will commence production.
The Orthodox Church is among the largest landowners on Cyprus. Renewable energy from solar thermal sources currently represents only 0.3% of energy resources for that country.