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.
Country updates
-
-
June 16, 2022
Masdar to develop 4 GW of clean energy projects in Azerbaijan
Masdar has signed implementation agreements with the Ministry of Energy of the Republic of Azerbaijan to develop clean and renewable energy projects in the country with a combined capacity of 4 GW. T...
Read more -
March 21, 2022
Masdar starts construction of 230 MW solar project in Azerbaijan
Masdar, a subsidiary of Mubadala Development Company, has started the construction of its 230 MW solar photovoltaic project located in Garadagh in the Baku region of Azerbaijan.
Read more -
January 05, 2021
ACWA Power signs deals for 240 MW wind project in Absheron and Khizi regions
Following the signing of the implementation agreement for the US$300 million Independent Power Project in January 2020, ACWA Power has executed official agreements for the 240 MW wind power project th...
Read more -
January 05, 2021
ACWA Power signs PPA for 240 MW onshore wind farm in Azerbaijan
Following the signing of the implementation agreement for the US$300 million Independent Power Project in January 2020, ACWA Power executed the official agreements for the 240 MW wind power project th...
Read more -
January 22, 2020
ACWA Power signs implementation agreement to develop a 240 MW wind power project
ACWA Power has signed an implementation agreement with the Ministry of Energy of Azerbaijan for developing, building and operating a 240 MW wind power project. The power purchase agreement (PPA) of th...
Read more
