Phanes Group signs PPA & Investment Agreement for 200 MW Solar project in Uzbekistan

Phanes Group, an international solar energy developer, headquartered in Dubai, signed a Power Purchase Agreement (PPA) and Investment Agreement (IA) for a 200 MWАС grid-connected solar PV plant in Nurata, Navoi Region.

The PPA and IA between Phanes Group and the Government of Uzbekistan 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. 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 1 April 2021.

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.

Sherzod Khodjaev, Deputy Minister of Energy of the Republic of Uzbekistan, said: “We welcome today’s Power Purchase and Investment Agreements between the Government of Uzbekistan 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”

Ravnaq-bank JSC will act as a coordinator between Phanes Group, the international developer of solar energy, and the state organizations of Uzbekistan.