Phanes Group, an international solar energy developer headquartered in Dubai, said it has signed a power purchase agreement and investment agreement with Uzbekistan for a 200MW АС grid-connected solar PV plant in the country's Navoi region.
The deals, include the technical and commercial terms for building, owning and operating the solar plant including the facilities connecting to Khimiya 220/110 kV substation, were signed with National Electric Grid of Uzbekistan, IA with the Ministry of Investment and Foreign Trade last week, said the statement from Phanes.
This ground-mounted project will significantly boost Uzbekistan’s current solar PV installed capacity and contribute to the government’s plans to boost energy generation capacity to 30 GW, including 5 GW of solar by 2030.
"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," remarked Martin Haupts, CEO of Phanes Group.
"With this agreement we share 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," stated Haupts.
Welcoming the strategic agreements, Sherzod Khodjaev, Deputy Minister of Energy of Uzbekistan, said: "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."
Ravnaq-bank is acting as a coordinator between Phanes Group and the state organizations of Uzbekistan.
Earlier, Ravnaq-bank and Phanes Group signed a memorandum of cooperation and cooperation in implementation of projects and initiatives.
Ravnaq-bank CEO Tursunov Iskandar Bakhtinurovich said: "Today, renewable energy sources generate high interest among the industry community, and Uzbekistan also strives to follow modern trends in development of the power industry; especially as our country has a great natural, technical and economic potential for the large-scale implementation of such projects.
Founded in 2001, Ravnaq-bank today offers businesses and individuals a full range of banking services and upgrades its customer service to the international level, thus contributing to the development of the banking industry and economy of Uzbekistan.