Project destined to provide power to National Electric Networks of Uzbekistan is first in a 1GW solar programme being developed by the government and the Asian Development Bank.
Union Budget revealed in recent days earmarks US$3 billion for the power and renewables sector and outlines plan to give tax breaks to foreign sovereign wealth funds and domestic IPPs.
Purchase of 22 contracted and operational projects across three US states is the latest in a series of PV acquisitions by the London-listed investment firm.
New projections mark major pivot for the agency, which for years had predicted that natural gas would remain the US' dominant source of electricity over the decades to come.
New affiliate Cardinal Renewables will acquire solar projects that venture partner Alchemy Renewables will then manage, operate, maintain and place tax equity financing for.
Think tank warns in pre-budget submission paper that government agency – which has no funding beyond 2021-2022 – will run out of money for new projects by mid-2020.
The PV facilities are set to come online by the end of 2023, helping utility Tri-State Generation and Transmission Association meet new 50%-by-2024 renewables target.
400MW solar plant features 300MW/1,200MWh battery storage system and marks the fourth solar collaboration between the Swiss asset manager and the Californian IPP.
Funds raised by the Climate Finance Group will go towards grid-connected and distributed renewables, energy efficiency, low-carbon transportation and energy storage in Africa, Latin America and Southeast Asia.
