The Abu Dhabi-based renewable energy company’s investment agreements for the three renewable energy projects come after the inauguration of the 230MW Garadagh solar park located in an area 9km northwest of Alat settlement in Azerbaijan
Masdar signs three agreements for 1GW solar and onshore wind projects in Azerbaijan. (Credit: Masdar/PR Newswire)
Abu Dhabi Future Energy (Masdar) has signed three agreements for an onshore wind project and two solar power plants, which put together will have a total capacity of 1GW in Azerbaijan.
According to the Abu Dhabi-based renewable energy company, the new solar and wind projects will contribute towards Azerbaijan’s 2030 renewable energy goals.
The company’s new announcement includes the advancement of the first phase of a 10GW pipeline of clean energy projects in Azerbaijan signed in June 2022.
Azerbaijan Minister of Energy Parviz Shahbazov said: “Azerbaijan is pleased to realise its strategic goals as a green energy producing and exporting country with Masdar and these projects will play an important role in increasing the share of renewable energy sources in electricity generation capacity to 30 percent by 2030.”
Masdar’s investment agreements follow the inauguration of the 230MW Garadagh solar park in the country.
Located in an area 9km northwest of Alat settlement, the solar power plant will produce 500 million kWh of electricity annually to power over 110,000 households.
Besides, the Garadagh solar park will mitigate carbon emissions by more than 200,000 tonnes every year.
The solar project is co-funded by Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development (EBRD), and Japan International Cooperation Agency.
Masdar said that the Garadagh solar park is Azerbaijan’s first foreign investment-based independent solar power project and the largest solar plant in the region.
Masdar CEO Mohamed Jameel Al Ramahi said: “Garadagh is the first in a number of potential projects to develop onshore wind, offshore wind, solar and green hydrogen with a total combined capacity of 10GW.
“This will lead to greater investment and international collaboration as we work together to help Azerbaijan achieve its ambitious climate goals.”
Separately, Saudi Arabia’s ACWA Power said it has signed the funding agreements for the development of a 240MW wind power project in Azerbaijan.
The company agreed for an aggregate project financing amount of $246m with the EBRD and the OPEC Fund for International Development.