Renewable energy company Masdar announced the formal start of construction for its 230-megawatt (MW) Garadagh Solar PV Plant in Azerbaijan, the Central Asian nation’s first foreign investment-based independent solar power project.
Masdar also signed agreements related to developing additional clean-energy projects across Azerbaijan.
Masdar signed agreements to develop the Garadagh project, located nine kilometers northwest of the Alat settlement, in April last year, with the plant expected to start commercial operation in 2023.
The project will help generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 houses. It will also reduce emissions by more than 200,000 tons a year and create valuable jobs.
The Abu Dhabi Fund for Development (ADFD), the UAE’s development financing institution driving sustainable development at home and abroad, is a key finance partner for the project and is keen to support Azerbaijan further over its efforts to achieve renewable-energy goals.
The groundbreaking ceremony, held in Baku, Azerbaijan’s capital, was attended by Ilham Aliyev, President of Azerbaijan; Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure; and Parviz Shahbazov, the Minister of Energy for Azerbaijan. Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, led the company’s delegation at the ceremony.
Speaking on the occasion, Al Mazrouei said the UAE and Masdar look forward to continuing to drive foreign direct investment and supporting Azerbaijan on its clean energy journey.
CEO Al Ramahi also signed four Memoranda of Understanding with different parties, all related to the development of clean energy projects in the country.
Azerbaijan aims at increasing the proportion of its installed power capacity coming from renewable sources to 30 percent by 2030, as the country looks to diversify its economy and reduce greenhouse gas emissions.
Azerbaijan has an estimated solar energy potential of 23,040 MW, according to the International Renewable Energy Agency (IRENA).