Masdar attains monetary close on 230MW Azerbaijan PV project

Aug 5, 2022 12:57 PM ET
  • UAE-owned renewable resource company Masdar has actually attained economic close on its first Azerbaijan solar project with a capacity of 230MW.
Masdar attains monetary close on 230MW Azerbaijan PV project
Image: Masdar

The Garadagh solar PV plant is expected to start commercial operation in 2023 and will additionally be the initial foreign investment-based solar project in the nation, according to Masdar.

The project will certainly be co-financed by Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development and Japan International Cooperation Agency.

Earlier this year, Masdar reached an arrangement with the Ministry of Energy from the Republic of Azerbaijan to develop approximately 10GW of renewables in two phases, with the first phase including 4GW of renewable capacity of which 1GW will certainly come from solar PV.

The solar plant from Masdar will help Azerbaijan enhance its share of power capacity coming from renewable sources as it intend to reach a minimum of 30% by the end of the decade.

Masdar has actually ramped up its initiatives to secure renewable contracts with a variety of European and also central Asian countries of late. n April, it signed a Memorandum of Understanding (MoU) with Kyrgyzstan's Ministry of Energy to check out the development of 1GW of renewables, as well as in January it established a brand-new joint venture (JV) to focus on establishing renewables throughout Eastern Europe, Central Asia and also Africa with an initial pipe of 8GW.

In addition, the UAE-backed renewable company is targeting 100GW of renewable capacity by 2030, which was up from a previous target of 50GW.

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