One of the leading global solar power projects developer, SkyPower, announced that it has joined the Climate Bonds Initiative as a partner.
SkyPower has become a Climate Bonds Partner by joining the Climate Bonds Initiative, an agency that helps mobilize the rapidly growing green bonds market. The move may allow SkyPower a boost in its endeavor to get cheap finance for the renewable energy projects it plans to execute.
SkyPower currently claims to have around 25 GW of renewable energy projects at various stages of development. Cheap finance is critical for the company as it is facing significant competition from other project developers in emerging renewable energy markets around the world.
SkyPower lost the landmark auction of 200 MW phase II of Mohammed bin Rashid Al Maktoum Solar Park in the United Arab Emirates, which remains the cheapest-ever solar power project in the world, in terms of tariff. SkyPower did win rights to develop 350 MW solar power capacity in India through highly competitive auctions.
The company has signed several major capacity expansion agreements across the world. It will build 500 MW capacity in Panama at an estimated investment of $1 billion over the next 5 years, including a $50 million research and development center. In Bangladesh, the company plans to set up 2 GW of utility-scale solar power projects over a period of 5 years with $4.3 billion investment, and it will also provide 1.5 million SkyPower Home solar kits.
With Kenya, the company has signed an agreement to develop 1 GW capacity in 4 phases over 5 years with an investment of $2.2 billion. The agreement also covers setting up 200 MW of fabrication and assembly facilities and $173 million toward education, training, and research and development. The company recently announced its intention to double its investment to $4.4 billion.
SkyPower has also signed investment and capacity addition agreement in partnership with other companies as well. A joint venture company with FAS Energy has committed to develop 3 GW of solar power capacity in Nigeria. Similarly, SkyPower plans to set up 3 GW solar power capacity in Egypt in partnership with International Gulf Development (IGD).
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