Abu Dhabi-based renewable energy company Masdar, has achieved financial close for its 230-megawatt (MW) Garadagh Solar Photovoltaic (PV) Plant in Azerbaijan as part of the country’s efforts for a clean environment and to become a “country of green growth.”
The plant is expected to begin commercial operation in 2023, and will generate half a billion kilowatt-hours of electricity annually.
The plant will power over 110,000 homes, will reduce emissions by more than 200,000 tonnes a year and is also expected to create job opportunities.
This is Azerbaijan’s first foreign investment-based independent solar power project and Masdar’s first project in the country, the Abu Dhabi firm said in a statement.
“The Garadagh project will serve as a benchmark for Azerbaijan’s clean energy journey, with the nation committed to transforming its energy sector and driving sustainable development,” Masdar chief executive officer Mohamed Jameel Al Ramahi said.
Azerbaijan aims to diversify its economy and reduce greenhouse gas emissions by increasing its share of renewable sources in its installed power capacity to at least 30 percent by 2030, as the country looks to diversify its economy and reduce greenhouse gas emissions.
“Our country has ambitious plans about utilization of its ample renewable energy potential and we are confident that this solar power project will be a great trailblazer for future projects in the field of green energy, Azerbaijan’s minister of energy Parviz Shahbazov said.
Shahbazov also emphasised this and other projects will further contribute to the realization of the country’s NDCs by 2050, declared on the side lines of COP 26 Conference.
Masdar has also signed agreements with the energy ministry to develop clean energy projects with a combined capacity of 4 gigawatts in the first phase, with the right to develop an additional 6 GW in the second phase, the statement said.
In June, the energy company also signed implementation agreements – development of 1 gigawatt capacity each of onshore wind projects and PV projects, and the second covering integrated offshore wind and green hydrogen projects with a capacity of 2 gigawatts.
The project is co-financed by Abu Dhabi fund for development, the Asian development bank, the European bank for reconstruction and development, and Japan international cooperation agency.
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