By Staff writer
Solar developer announces expansion plan following General Energy Solutions' acquisition of 30% stake in the firm
Dubai-based solar developer Phanes Group has said it expects to increase its global installed capacity of solar energy by 500 megawatts over the next two years.
The plan follows General Energy Solutions' (GES) acquisition of a 30 percent stake in the firm, a statement said.
Phanes Group has over 70 megawatts of photovoltaic solar energy installed in six geographies around the world, including the largest solar array in the Caribbean, Monte Plata in the Dominican Republic.
In addition to current projects in the United Kingdom and the Dominican Republic, Phanes Group's two-year pipeline includes projects in the UAE, Chile, and South Africa.
"The regional and global solar energy landscape is evolving, presenting clear opportunities for developers and investors that can create the right partnerships and offer innovative financing structures that support the rapid scale up of solar in the energy mix," said Martin Haupts, managing director, Phanes Group.
"The GES investment and our robust project pipeline are a demonstration of our unique value proposition, engineered to facilitate the shift to centralised and decentralised solar in markets where it offers clear value."
Established in 2012, Phanes Group has grown from an advisory-focused consultancy to an integrated solar developer, asset and investment manager with particular expertise in distributed solar energy.
In the Dominican Republic, Phanes Group is involved in the 34 megawatt Monte Plata solar array that is successfully lifting the island nation out of fuel poverty. Phase two will start in April and once complete will increase the plant's capacity to 67 megawatts.
The company's work in the United Kingdom includes work with three registered social landlords to deploy rooftop installations on individual rooftops across North East England and South West Wales.