Phanes Group to develop 200MW solar project in Uzbekistan

UAE-based Phanes Group has signed a power purchase agreement (PPA) and other project agreements with the Uzbekistan government to develop a 200MW photovoltaic (PV) solar plant in the Central Asian country

UAE-based Phanes Group has signed the power purchase agreement (PPA) and other project agreements with the Uzbekistan government to develop a 200MW photovoltaic (PV) solar plant in the Central Asian country.

The 200MW PV plant will be developed in the Navoi region of Uzbekistan.

Uzbekistan has set a target of developing 5GW of solar capacity by 2030.

In December 2020, UAE-based Masdar reached financial close for a 100MW solar project in Uzbekistan, also to be located in the Navoi region.

The conclusion of loan and finance agreements were signed on 24 December during a virtual online signing ceremony with representatives from Masdar, Uzbekistan’s Ministry of Investments and Foreign Trade (MIFT), the International Finance Corporation (IFC), Asian Development Bank (ADB), the World Bank Group and the European Bank for Reconstruction and Development (EBRD).

The Nur Navoi Solar Project was awarded to Masdar in 2019, with Masdar having submitted the lowest bid under a competitive tendering process. The power purchase agreement (PPA) was signed with the Uzbek government and the National Electric Grid of Uzbekistan (NEGU) in November 2019.

In June 2020, Masdar signed agreements for its second renewable energy project in Uzbekistan. Masdar signed the PPA and investment agreements for a planned 500MW wind energy project in the Zarafshon area of the Navoi region.