Renewable

January 13 (Renewables Now) - Abu Dhabi Future Energy Company PJSC, better known as Masdar, has inked a deal with the government of Azerbaijan for a 200-MW solar project in the country, the UAE group said on Friday.

As part of the implementation agreement, Masdar will design, finance, build and operate the photovoltaic (PV) park, 75km southwest of the capital Baku. Slated for commissioning in 2022, the project is expected to reach financial close at the end of this year.

“Today’s signing marks a major step forward for Azerbaijan and its ambitions to diversify its energy mix,” said Mohamed Jameel Al Ramahi, Masdar’s CEO. The former Soviet republic has set a goal to produce 30% of its power from renewables by 2030.

Masdar’s partnership with the Azerbaijani government was announced together with another renewables deal by Saudi Arabia's ACWA Power. The latter said in a separate press release it will develop, build and operate a 240-MW wind park in Azerbaijan.