Abu Dhabi, UAE – UAE and Masdar are keen to encourage foreign direct investment (FDIs) and support the efforts of Azerbaijan in the field of clean energy, sustainable development and reducing carbon emissions, says Maryam Al Mazrouei, Director of the Department of Masdar investment in Azerbaijan.
Al Mazrouei said that Masdar is currently developing the 230-megawatt (MW) Garadagh Solar Photovoltaic (PV) Power Plant in Azerbaijan, which is the first independent solar power project funded by foreign investment and will begin its commercial operations in 2023, WAM reported.
The plant will help generate 0.5 billion kilowatts per hour (KW/hour) of electricity annually, sufficient to meet the needs of over 110,000 homes and reduce over 200,000 tons of carbon emissions per year.
It is also likely to create new job opportunities for the local community, she added, noting that the Abu Dhabi Fund for Development is among the entities that financed the project.
In June 2022, Masdar announced the signing of several agreements with the Ministry of Energy of Azerbaijan to develop clean and renewable energy projects with a total capacity of 4,000 MW, underscoring the commitment of the two countries to climate action, Al Mazrouei said.