Phanes Group signs PPA for 200MW solar plant in Uzbekistan

Phanes Group has signed a PPA and Investment Agreement with the Government of Uzbekistan for a 200 MWАС grid-connected solar PV plant at Nurata in the Navoi Region.

Both deals include technical and commercial terms for building, owning and operating the project, including facilities connecting to the Khimiya 220/110 kV Substation. 

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 30GW, including 5GW 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, said Martin Haupts, CEO of the Dubai-based group. "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," he 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,” said Sherzod Khodjaev, Deputy Minister of Energy of the Republic of Uzbekistan.

Ravnaq-bank and Phanes Group, which will coordinate with the state organizations of Uzbekistan, have also signed a memorandum of cooperation and cooperation in implementation of projects and initiatives.

“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,” said Tursunov Iskandar Bakhtinurovich, CEO of Ravnaq-bank.

JSC Uzbekhydroenergo, Uzbekistan’s state hydropower producer and developer, recently commissioned the 37.4-MW Zarchob Hydropower Plant after a four-year construction. 

Last week ACWA Power announced the successful financial closure for the development, construction and operation of the 1500MW Sirdarya Combined Cycle Gas-Turbine (CCGT) power plant in Uzbekistan. 

Uzbekistan's share of solar energy by 2030 is projected to reach 17.3%, more than wind energy (10.4%), hydropower (13.1 %) and nuclear (8.3%). 

Uzbekistan's national consumption is projected to reach 120.8 billion kWh by 2030 and if capacity is not sharply increased, the country may face severe electricity shortages. 

The concept plan provides for an increase in the country’s generating capacity from 12.9 GW to 29.3 kW by 2030, and electricity production from 63.6 billion kWh to 120.8 kWh.