Chinese solar power plant developer Jinko Power Technology has announced that it has won a $209 million contract to build, own, and operate a 300 MW solar power plant in Saad, some 85 km east of Saudi capital Riyadh.
Uzbekistan’s list of prospective power projects – across the renewables and gas-fired space – is ballooning. But only one deal – the Syrdarya I CCGT – has reached financial close so far, albeit with heavy DFI support.
SP Group partners with BCG Energy to tap into Vietnam solar market
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Image: Intel Free Press/Flickr
Singaporean utility company SP Group has signed a memorandum of understanding with BCG Energy, a holding subsidiary of Vietnamese investor Bamboo Capital, to support the development of new renewable energy projects in the country.
As part of the deal, SP will be able to acquire a 49% stake in BCG Energy’s subsidiary, Skylar Joint Stock Company, which has a rooftop solar portfolio across the country totalling 61.1MWp capacity.
The news comes two weeks after SP Group signed a joint venture deal with China’s Jinko Power Technology to acquire 102MWp of rooftop solar assets and bolster its renewable portfolio in the country. SP will own a 60% stake in the newly formed entity.
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Despite the global economic slowdown caused by Covid-19, the pace of development of an independent power project (IPP) market in Uzbekistan is tangibly picking up. This month ACWA Power closed on the $750 million debt financing for the 1.5GW Syrdarya 1 CCGT project – the first large-scale Uzbek IPP financing to reach financial close – and more IPP deals (both renewables and gas-fired) look set to follow given the recent proliferation of tenders and upcoming regulatory environment streamlining.
In February the Uzbek government issued a new draft law on electric power. If approved, the new regulation will unify and replace all previous regulations and include new articles to further support renewables. And although Uzbekistan has abundant gas, its focus is as strong on renewables development as it is gas-fired. The government is looking to reduce consumption of natural gas for energy production from 16.5 to 12.1 billion cubic meters by 2030 and use gas produced domestica