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EquityStory.RS, LLC-News: Phanes Group / Key word(s): Agreement
Phanes Group signs both Power Purchase Agreement and Investment Agreement to develop 200 MW?? solar power plant in Uzbekistan
06.04.2021 / 09:00 CET/CEST
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Press Release
Phanes Group signs both Power Purchase Agreement and Investment Agreement to develop 200 MW?? solar power plant in Uzbekistan
Dubai-based international solar developer looks to add 200 MWAC of clean and affordable energy to Uzbekistan
Dubai - UAE, 6 April 2021: Phanes Group (www.PhanesGroup.com), an international solar energy developer, headquartered in Dubai, signed a Power Purchase Agreement (PPA) and Investment Agreement (IA) for a 200 MW?? grid-connected solar PV plant in Nurata, Navoi Region.
Uzbek government agrees to buy power from 200 MW solar plant
The solar park is being planned by UAE-based Phanes Group, in Nurata, in the Navoi region. It will sell electricity at a fixed rate over a 25-year period.Dubai-based independent power producer Phanes Group has secured a 25-year power purchase agreement and an investment agreement from Uzbekistan s government for a 200 MW solar power plant that Phanes is planning to build in Nurata, in the Navoi region. The project is the result of direct negotiations and is not linked to a specific tender, a Phanes spokesperson told pv magazine. The plant will sell power to the National Electric Grid of Uzbekistan .
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The deal covers 152.5 MW of assets
Mumbai-based Radiance Renewables Pvt Ltd, a wholly-owned subsidiary of Green Growth Equity Fund (GGEF), has entered into an agreement to acquire Azure Power Global Ltd’s solar rooftop assets for ₹536.5 crore.
The assets are based in India, while the deal covers 152.5 MW of assets including 8.1 MW that is under construction and 18.5 MW that was recently commissioned.
Following this acquisition, Radiance will be able service high-quality customers such as Indian Railways, Delhi Metro Rail Corporation and Delhi Jal Board amongst others where 99 per cent of power purchase agreement are for 25 years.
“This strategic acquisition will position Radiance as a significant pan-India player in the commercial, industrial and institutional segments with exposure to long-term power purchase agreements with quality customers based on net metering in the build-out of its distributed generation platform. This transaction allows Radiance to b