SkyPower Aiming High With Deals for Solar Projects in South Asia, Africa

SkyPower has made a number of announcements, including a power-purchase agreement in India, and plans for 2.2 gigawatts of projects in Djibouti and Bangladesh.

The company entered into a long-term PPA with the state government of Madhya Pradesh to provide 150 megawatts of utility-scale solar power to the state. “SkyPower is committed to making a powerful contribution to India’s goal of generating 100 gigawatts of solar power by 2022,” said Kerry Adler, SkyPower President and Chief Executive Officer.

“India is leading the world in deploying solar, not only with its significant targets but by its very actions, and the people of Madhya Pradesh will benefit from clean, reliable and affordable energy as a result of the vision and leadership of this great state.”

The PPAs were signed with M.P. Power Management Co.

SkyPower is majority owned by CIM Group, a U.S. based transformational urban real estate and infrastructure investment firm founded in 1994 with approximately US$20.3 billion in assets under management.

In Djibouti, the company signed an agreement with the government to set up 200MW of solar projects in four phases over the next four years.

“Africa has become a global hub for the growth of clean, renewable energy, and many visionary leaders of African countries are making the decision to harness the power of the sun to create a brighter future for the citizens of their countries,” said Adler. “Through this agreement, SkyPower will work hand in hand with the Republic of Djibouti to support the development of the country’s renewable energy industry and achieve the goal of developing a stronger economy and opportunities for the citizens of Djibouti.”

The 200-MW solar project will represent an estimated investment of US$440 million, which also includes corporate social responsibility investments of US$11 million toward education, training, research and development in Djibouti.

SkyPower also said it plans to build 2GW of utility-scale solar energy in Bangladesh over the next five years, representing an investment of US$4.3 billion. “The investment in Bangladesh will help increase grid connectivity, ease energy poverty and create new green energy jobs,” said Adler.

The investment will create more than 42,000 total job years in Bangladesh and will include 500MW of fabrication and assembly facilities, according to SkyPower Chief Commercial Officer Charles Cohen.

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