Dubais Phanes Group a solar developer with projects globally has announced that it is to target the installation of 500 MW of new PV capacity over the next two years as part of an ambitious 700% expansion in the industry.
Following the acquisition of 30% of the company by Taiwans General Energy Solutions (GES), Phanes Group plans to drastically increase its global solar PV footprint, which currently stands at just 70 MW.
This portfolio includes the largest solar array in the Caribbean (a 34 MW array at Monte Plata in the Dominican Republic that will grow to 67 MW in phase II) but will grow to include forthcoming projects in the UAE, Chile and South Africa, which will add to Phanes Groups U.K. and Caribbean operations.
The company will develop ground-breaking solar plants in these targeted regions, utilizing a range of investment models to fund the projects, including wholly-owned solar installments that enable solar customers to purchase electricity and avoid operational or upfront costs.
According to Phanes Groups MD Martin Haupts, the investment from GES will allow the company to build upon its robust pipeline and drive further decentralization of the worlds energy supply. "Our strategic central base in Dubai positions us well to capitalize on the opportunities solar offers and play a key role in accelerating its deployment in markets across the world," Haupts added.