Azerbaijan solar gigantic secures $114m.

Aug 2, 2022 03:40 PM ET
  • EBRD and various other development banks have authorized the financing plan for Masdar's 230MW project.
Azerbaijan solar gigantic secures $114m.
Image: Unsplash/APPA

The EBRD and other development banks have approved a $114m funding package for a 230MW solar project in Azerbaijan.

The financing will be given to the Garadagh Solar Project programmer Masdar Azerbaijan Energy, which is completely owned by Abu Dhabi Future Energy Company.

Masdar is a leading renewable energy company operating around the world and an existing customer of the EBRD plus the various other loan providers in the direction of the bundle, which are the Asian Development Bank (ADB), the Japan International Cooperation Agency (JICA), and the Abu Dhabi Fund for Development (ADFD).

Masdar's solar energy plant is the initial privately had, utility-scale solar power project in Azerbaijan.

When commissioned, the plant's 230MW of renewable energy generation capacity will certainly support Azerbaijan's decarbonisation schedule and add to concerns laid out in the United Nations 2030 Sustainable Development Goals (SDGs).

The EBRD is an essential institutional financier in Azerbaijan.

To date, the Bank has actually spent more than EUR3.6 bn in 181 projects in the nation.

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