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

Dubai-based international solar energy developer Phanes Group have signed a Power Purchase Agreement (PPA) and Investment Agreement (IA) for a 200 MWАС grid-connected solar PV plant in Nurata, Navoi Region, Uzbekistan.
The PPA and IA between Phanes Group and the Uzbek government includes the technical and commercial terms for building, owning and operating a 200 MWAC solar PV project including facilities connecting to Khimiya 220/110 kV Substation, Uzbekistan’s Energy Ministry said in a press release 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 took place 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 said. “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 government 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 said.
According to the Uzbek Energy Ministry, this ground-mounted project will significantly increase 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.
Ravnaq-bank will act as a coordinator between Phanes Group, the international developer of solar energy, 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 noted that recently 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 the country has a great natural, technical and economic potential for the large-scale implementation of such projects.