UAE-based renewables company Masdar said today it has achieved financial close for its first project in Azerbaijan -- the 230-MW Garadagh solar photovoltaic (PV) plant which is currently under construction.
Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development (EBRD) and Japan International Cooperation Agency are co-financing the project which is Azerbaijan’s first foreign investment-based independent solar power scheme.
Works on the construction of the solar park to be located 9 kilometres northwest of the Alat settlement began in March. Masdar expects Garadagh to enter commercial operation in 2023 and produce 500 billion kWh of electricity annually. This would be enough to meet the needs of more than 110,000 homes and offset carbon dioxide emissions by more than 200,000 tonnes a year.
Masdar has ambitious expansion plans in Azerbaijan as the former Soviet republic is seeking to raise the share of renewables in its installed power capacity to over 30% by 2030. In June, the UAE-based company unveiled a plan to pursue the development of 10 GW of renewable energy capacity in the country, starting with 4 GW of projects that will be implemented through agreements with the local Ministry of Energy.
Choose your newsletter by Renewables Now. Join for free!