Sky Solar reaches 242 MW of shovel-ready projects

Sky Solar, a Hong Kong-based developer of solar PV projects, has revealed in its latest third quarter (Q3) financial results that it has 242.4 MW of shovel ready projects, 36 MW of further PV plants under construction (all in Japan) and an overall pipeline of 1 GW, which includes 103.3 MW of IPP assets in Latin America.

This wide spread of projects has helped boost Sky Solar’s Q3 revenues for 2015 to $12.1 million, which is a 17.3% year-on-year increases, generating electricity revenue of $11.3 million (up 63.6% on Q3 2014) and Q3 EBITDA of $3.8 millöion.

According to Sky Solar’s CEO and chairman Weili Su, the company has continued to make strides in securing financing that will serve to advance its global development pipeline. Sky Solar announced in September a new agreement with an existing partner in Japan for the investment of $33 million in new solar ventures.

In Latin America, a recently agreed partnership with Hudson Clean Energy resulted in the investment of $100 million in solar project development in the region, as well as further opportunities in Japan.

Sky Solar CIO Sanjay Shrestha added: "We continue to remain disciplined in our capital allocation by targeting key solar markets globally; particularly Japan, Latin America and the U.S."

The CIO also confirmed that Sky Solar has begun the process of leveraging existing synergies among its global teams to further expedite its project development and financing capabilities.