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SkyPower strikes 1-GW solar PPA in Uzbekistan

Solar park. Author: iamme ubeyou. License: CC0 1.0 Universal.

May 7 (Renewables Now) - Canada-based SkyPower Global on Monday announced a plan to build 1,000 MW of solar plants in Uzbekistan, supported by the signing of a power purchase agreement (PPA) with the country’s government.

The utility-scale solar developer and owner said in a statement that, at USD 1.3 billion (EUR 1.09bn), this plan will result in the largest foreign direct investment in the country. This is also the first PPA in the history of Uzbekistan and will make SkyPower the first independent power producer (IPP) there. SkyPower will be working closely with state-owned utility Uzbekenergo on this project.

According to the announcement, Uzbekistan's president Shavkat Mirziyyoyev has signed a decree that outlines the government's full support of the project and sovereign guarantees. The plan is expected to contribute an estimated USD 2.9 billion to the country's gross domestic product and create thousands of jobs.

At present, Uzbekistan has no solar power projects. This new scheme is seen to bring its renewables share to about 10% and thus help the country meet its 2030 Paris Climate commitments.

"This historic partnership with UzbekEnergo and the government of Uzbekistan will bolster growth in the region and help establish Canadian expertise in this fast-growing sector,” commented Francois-Philippe Champagne, Minister of International Trade for the Government of Canada.

(USD 1.0 = EUR 0.838)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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