Masdar Completes 230MW Solar Project in Azerbaijan

UAE renewable energy company Masdar says it has achieved financial close on its first project in Azerbaijan, the 230 MW Garadagh solar PV plant currently under construction.

The Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development (EBRD) and the Japan International Cooperation Agency (JICA) are co-financing the project, which is the first independent solar power scheme in Azerbaijan based on foreign investment.

Construction work on the solar park, located nine kilometres north-west of the settlement of Arat, began in March. Masdar expects Galada to be in commercial operation by 2023 and to generate 500 billion kWh of electricity annually. This will be enough to meet the needs of more than 110,000 households and offset more than 200,000 tonnes of CO2 emissions per year.

Masdar has ambitious expansion plans in Azerbaijan as the former Soviet Republic seeks to increase the share of renewable energy in its installed capacity to more than 30% by 2030. in June, the UAE-based company unveiled a plan to develop 10 GW of renewable energy capacity in the country, starting with 4 GW of projects that will be implemented through an agreement with the local energy ministry. agreement.