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Dubai-based Phanes Group signs an agreement to develop solar power plants in Uzbekistan

Dubai-based international solar developer, Phanes Group, has signed a Power Purchase Agreement (PPA) and an Investment Agreement (IA) for a 200 MWАС power grid connected solar power plant in Nurata , Navoi Region, Uzbekistan.
The PPA and IA between the Phanes Group and the Government of Uzbekistan include technical and commercial provisions for the construction, ownership and operation of a 200 MWAC solar power project including facilities connected to the 220 substation / 110 kV Khimiya, the Uzbekistan Energy Ministry said in a press release in April. 6.
The signing of the PPA with the National Electric Grid of Uzbekistan, IA with the Ministry of Investment and Foreign Trade, and the Phanes Group took place on April 1.
“Uzbekistan won the national title of the year in the Economist in 2019 and the country is now seen as a rising power in Central Asia,” said the Managing Director of Phanes Group. Martin Haupts to speak. “With this agreement, Phanes Group shares Uzbekistan’s vision for clean energy ambitions and achieve climate action targets to reduce greenhouse gas emissions (GHGs) and dependence on fossil fuels. . “
Uzbekistan’s Deputy Minister of Energy Sherzod Khodjaev praises the Power Purchase and Investment Agreements between the governments of Uzbekistan and the Phanes Group. “Our country is strongly committed to a low-carbon strategy and increasing the share of renewables in our energy mix. Solar energy is an important part of this strategy and the Phanes Group’s support will contribute to the success of this latest project, ”said Khodjaev.
This ground-mounted project will significantly increase Uzbekistan’s existing solar PV installation capacity and contribute to a government plan to increase generating capacity to 30 GW, including 5, according to the Uzbekistan Energy Ministry. GW of solar energy by 2030.
Ravnaq-bank will act as a coordinator between the Phanes Group, an international solar developer and Uzbekistan’s state organizations. Previously, Ravnaq-bank and Phanes Group signed a memorandum of understanding for cooperation and implementation of projects and initiatives.
Ravnaq Bank CEO Tursunov Iskandar Bakhtinurovich noted that renewables are generating high interest in the industrial community recently, and Uzbekistan is also working on the trend of modern power sector development especially when the country has great natural, technical and economic potential. the large-scale implementation of such projects.

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