DJIBOUTI CITY, Djibouti, October 1, 2015 /PRNewswire/ --
SkyPower, the world's largest developer and owner of utility-scale solar photovoltaic (PV) energy projects, has signed a landmark agreement with the Republic of Djibouti for the development of 200 MW of world-class solar projects to be built in four phases in Djibouti 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 SkyPower President and Chief Executive Officer Kerry 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's commitment will reduce Djibouti's dependence on energy imports and significantly increase local power generation capacity," said Charles Cohen, Executive Vice President of SkyPower. "Our investment will create green jobs and ensure that families have access to clean renewable power."
SkyPower has a long history of working closely with local communities to produce hundreds of millions of kilowatt hours of clean electricity every year, while ensuring that those closest to the developments reap the rewards of new jobs, education, skills training and accessible energy.
SkyPower is the largest and one of the most successful developers and owners of utility-scale solar photovoltaic (PV) energy projects in the world. With roots dating back to over a decade, SkyPower's global team possesses a vast track record of over 800 years of combined experience in power and large infrastructure projects.
The experienced and accomplished SkyPower team has built, assembled and acquired an extensive pipeline of over 25 GW worldwide - 9 GW of which was recently announced in bilateral agreements, and other contract awards, to be built on the continents of Africa and Asia over the next five years in Egypt, Nigeria, Kenya, India and Djibouti.
SkyPower's over two dozen utility-scale solar PV Power Purchase Agreements (PPA) and Contracts in aggregate represent well in excess of US $80 billion worth of long-term renewable energy sales to leading utilities and governments around the world.
SkyPower is majority owned by CIM, a transformational urban real estate and infrastructure investment firm founded in 1994 with approximately US $20.3 billion in assets under management. http://www.cimgroup.com
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