Masdar achieves financial close on 230 MW solar project in Baku

The Asian Development Bank (ADB) and Masdar Azerbaijan Energy Limited Liability Company (MAE) have signed a US$21.4 million loan agreement to finance Masdar's 230 MW solar photovoltaic (PV) power plant that will be located near the Alat settlement in Azerbaijan. 

The Garadagh solar PV project is anticipated to begin commercial operations in 2023. The project is being jointly funded by the Japan International Cooperation Agency (JICA), the Abu Dhabi Fund for Development, and the European Bank for Reconstruction and Development (EBRD).

In its first year of operation, the new solar power plant will be capable of producing up to 558 GWh of clean energy annually, which will result in a reduction of up to 265,000 tons of annual carbon emissions. For a 23-year power purchase agreement, MAE will sell the solar plant's output to Azerenerji Joint Stock Company.