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Masdar, one of the world’s leading renewable energy companies, has completed financial close of its 230-megawatt (MW) Garadagh solar photovoltaic (PV) plant in Azerbaijan. The project, which is expected to start commercial operations in 2023, is Azerbaijan’s first foreign independent solar power project and Masdar’s first in the country.
The project will help generate 5 billion kWh of electricity per year, enough to meet the needs of more than 110,000 households, and will reduce emissions by more than 200,000 tons per year while creating valuable jobs.
The project is co-financed by the Abu Dhabi Development Fund, the Asian Development Bank, the European Bank for Reconstruction and Development and the Japan International Cooperation Agency.
key milestones
Azerbaijan’s Energy Minister Parviz Shahbazov said: “The successful achievement of the next key milestone of the project is a testament to our firm attitude towards joint cooperation and commitment to the realization of the project. In line with the national priority of a “clean environment and green growth country”, our country has formulated a With an ambitious plan to capitalize on its rich renewable energy potential, we believe this solar project will be a great trailblazer for future projects in the green energy sector. This and other projects will further contribute to the country’s Nationally Determined Contribution by 2050, This was announced during the COP 26 meeting.”
Azerbaijan aims to increase the share of renewable energy in its installed capacity to at least 30 percent by 2030, as the country looks to diversify its economy and reduce greenhouse gas emissions.
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “The Garadagh plant is Masdar’s first project in Azerbaijan, so we are proud to have reached this important milestone in its development. The project will become a benchmark in Azerbaijan’s clean energy journey , the country is committed to transforming its energy sector and driving sustainable development.”
clean energy projects
Masdar also signed an agreement with the Azerbaijani Energy Ministry to develop clean energy projects with a total capacity of 4 gigawatts (GW) in the first phase, with the right to develop a further 6 GW in the second phase.
Masdar signed two executive agreements in June – one involving the development of 1 GW of onshore wind and 1 GW of photovoltaics, and the second involving integrated offshore wind and green hydrogen with a capacity of 2 GW project.
Masdar, one of the fastest-growing renewable energy companies in the world, aims to reach at least 100 gigawatts of capacity by 2030, and grew its portfolio by 40 percent last year alone. In December, the UAE government announced that Abu Dhabi energy champions Taqa, Adnoc and Mubadala would join forces as shareholders in Masdar, creating a true global clean energy powerhouse that will be a major force in renewable energy and green hydrogen. arab trade news agency
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