Dubai-based solar energy company Phanes Group has signed agreements with the Government of Uzbekistan to develop a solar power plant in the country.

The 200MWac solar photovoltaic (PV) plant will be developed in Nurata, Navoiy Region, and is expected to significantly enhance Uzbekistan’s solar PV installed capacity once completed.

It will also support the government’s plans to increase the country’s energy generation capacity to 30GW, including 5GW of solar, by 2030.

The power purchase agreement (PPA) and investment agreement cover the technical and commercial terms for building, owning and operating the project, including facilities connecting to the Khimiya 220/110kV substation.

Phanes Group CEO Martin Haupts said: “Uzbekistan earned the Economist’s title of the country of the year in 2019 and the nation is now regarded as a rising powerhouse in Central Asia.

“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 and dependency on fossil fuels.”

Republic of Uzbekistan Deputy Energy Minister Sherzod Khodjaev said: “We welcome today’s power purchase and investment agreements between the government 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 will serve as a coordinator between Phanes Group and the government.

Ravnaq-bank CEO Tursunov Iskandar Bakhtinurovich said: “Renewable energy sources generate high interest among the industrial community, and Uzbekistan also strives to follow modern trends in the development of the power industry.

“Our country has a great natural, technical and economic potential for the large-scale implementation of such projects.”

Phanes Group previously signed a memorandum of cooperation and cooperation with Ravnaq-bank for the implementation of projects and initiatives.