Masdar's 308MW Solar PV Project Flies in Azerbaijan
- Masdar's renewable energy project in Azerbaijan is now operational. The 308MW Garadagh solar facility, 5.5 million sq m in the Gobustan District, will produce 500GWh of power annually. Co-financed by international organizations, it's the first foreign investment-based solar project in Azerbaijan and 1GW more in the pipeline.
UAE-owned renewable energy company Masdar has started operation of its 308MWp Garadagh (Area 60) Solar PV project in Azerbaijan. The project spans an area of 5.5 million square meters in the Gobustan District and will produce 500GWh of power annually. The project is co-financed by the Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development, and the Japan International Cooperation Agency and is the first foreign investment-based solar project in the country. In addition, Masdar has signed agreements in October 2023 for 1GW of solar and wind projects. The agreements covered two solar projects and one onshore wind project as the first phase of a 10GW pipeline of renewables projects in Azerbaijan signed in 2022.
What Impact Has Masdar's Garadagh Solar PV Project Had on Azerbaijan?
- In Azerbaijan, the Garadagh Solar PV Project has been a major success, providing 500GWh of clean energy to the country every year.
- The project has created hundreds of jobs for the local population, as well as investment opportunities, and is expected to bring in a total of $400 million in foreign direct investment.
- The project has also opened up the renewable energy sector in Azerbaijan, demonstrating to the international community that the country is serious about its commitment to renewable energy.
- As a result of Masdar's investment, the Azerbaijani government has implemented more progressive renewable energy policies, leading to the development of more than 300MW of new renewable energy projects.
- The project has also helped improve air quality in the country, reducing carbon emissions significantly.
- Additionally, the project has set the stage for a shift towards more sustainable energy sources in Azerbaijan, providing a blueprint for other countries to follow.