Dubai-based Phanes Group inks agreements to develop solar energy plant in Uzbekistan

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Dubai-based worldwide photo voltaic power developer Phanes Group have signed a Power Purchase Agreement (PPA) and Investment Agreement (IA) for a 200 MWАС grid-connected photo voltaic PV plant in Nurata, Navoi Region, Uzbekistan.
The PPA and IA between Phanes Group and the Uzbek authorities contains the technical and industrial phrases for constructing, proudly owning and working a 200 MWAC photo voltaic PV venture together with amenities connecting to Khimiya 220/110 kV Substation, Uzbekistan’s Energy Ministry stated in a press launch on April 6.
The signing of the PPA with National Electric Grid of Uzbekistan, IA with the Ministry of Investment and Foreign Trade, with Phanes Group came about on April 1.
“Uzbekistan earned the Economist’s title of country of the year in 2019 and the nation is now regarded as a rising powerhouse in Central Asia,” Phanes Group CEO Martin Haupts stated. “With this agreement Phanes Group shares the vision for Uzbekistan’s clean energy ambition and reaching its climate action goals to reduce greenhouse gas emissions (GHGs) and dependency on fossil fuels.”
Uzbekistan’s Deputy Energy Minister Sherzod Khodjaev hailed the Power Purchase and Investment Agreements between the Uzbek authorities and Phanes Group. “Our country is strongly committed to a low-carbon strategy and increasing the share of renewable energy in our energy mix. Solar energy is an important part of this strategy and Phanes Group’s assistance will contribute to the success of this latest project,” Khodjaev stated.
According to the Uzbek Energy Ministry, this ground-mounted venture will considerably enhance Uzbekistan’s present photo voltaic PV put in capability and contribute to the Government’s plans to spice up power era capability to 30 GW, together with 5 GW of photo voltaic by 2030.
Ravnaq-bank will act as a coordinator between Phanes Group, the worldwide developer of photo voltaic power, and the state organizations of Uzbekistan. Earlier, Ravnaq-bank and Phanes Group signed a memorandum of cooperation and cooperation in implementation of tasks and initiatives.
Ravnaq-bank CEO Tursunov Iskandar Bakhtinurovich famous that just lately renewable power sources generate excessive curiosity among the many business neighborhood, and Uzbekistan additionally strives to observe trendy tendencies in growth of the facility business, particularly because the nation has a fantastic pure, technical and financial potential for the large-scale implementation of such tasks.

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