Washington, D.C., Toronto - May 4, 2018 (Investorideas.com Newswire) Global leader in sustainability and utility-scale solar production, SkyPower, has announced an estimated $1.3 billion foreign direct investment in Uzbekistan to build 1,000 MW of solar energy generation capacity throughout the country. This project will bring the largest foreign direct investment in Uzbekistan's history. Uzbekistan and SkyPower also signed the first Power Purchase Agreement (PPA) in the country's history, whereby the government will be purchasing power from an international and private company. Uzbekistan's President Shavkat Mirziyyoyev has signed a decree signifying the government's full support of the project and sovereign guarantees. SkyPower will be the first independent power producer in the history of Uzbekistan, working closely with state-owned utility company Uzbekenergo. This project is also the first public-private partnership between Uzbekistan and a truly North American company.
François-Philippe Champagne, Minister of International Trade for the Government of Canada, remarked, "Growing Canada's cleantech and renewable sectors and encouraging the export of locally developed ideas and solutions that benefit the world is a priority for our government. I am pleased to see industry leaders like SkyPower Global help us towards that goal. 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. I commend the SkyPower team for thinking big!"
SkyPower Chief Executive Officer Kerry Adler said that, "There are still more than a billion people globally without access to energy services, and our mission is to bring solar power to people who need it most. This is a historic partnership that will benefit both the Government of Uzbekistan and SkyPower, and we are happy to be building Uzbekistan's first solar power installation. President Mirziyoyev's forward-thinking vision for Uzbekistan, along with the commitment of the Deputy Prime Ministers and the leadership of the National Project Management Office in concert with Uzbekenergo leadership, together have really helped move this project forward. Uzbekistan is a country that holds tremendous opportunities for foreign investors under the vision for growth and expansion of President Mirziyoyev."
Uzbekistan President Shavkat Mirziyoyev has been praised for his progressive approach to growing the nation's economy, and the SkyPower project will be the first ever solar power generation project in Uzbekistan. The project will contribute an estimated $2.9 billion to Uzbekistan's gross domestic product and create thousands of jobs. This will ultimately bring Uzbekistan to about 10 percent renewable of its total generation capacity, helping Uzbekistan reach its 2030 Paris Climate commitments while bringing power to the people of Uzbekistan.
About SkyPower Global
With roots dating back more than 15 years, SkyPower's global team possesses a vast track record of over 1,000 years of combined experience in power and large infrastructure projects.
The experienced and accomplished SkyPower team has built, assembled and acquired an extensive pipeline of over 25 GW worldwide - some of which were recently announced in bilateral agreements, and other contract awards, to be built in the Middle East, Africa and South Asia over the next five years.
SkyPower's over 30 utility-scale solar Power Purchase Agreements (PPA) and Contracts at various stages of development, construction and operation, representing billions of dollars' worth of long-term renewable energy sales to leading utilities and governments around the world. For more information please visit our website www.skypower.com.
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