The plant is expected to start commercial operation in early 2023.
Azeri Minister of Energy P.Shahbazov said:
#Masdar has signed agreements to develop a utility-scale solar PV project in the Republic of #Azerbaijan. The 230-megawatt (MWac) project is the country’s first foreign investment-based independent solar project structured as a public-private partnership.#ForASustainableFuture pic.twitter.com/zcpD2yriE9— Masdar (@Masdar) April 7, 2021
- The transformation of Azerbaijan into a country of green growth through the extensive use of renewable energy sources over the next 10 years has been defined by President Aliyev as one of the national priorities that will ensure socio-economic development
- By signing these contracts for a solar power plant worth about $200 million, we are one step closer to our goals for the renewable energy and carbon emissions
- The solar power plant to be built in Baku and Absheron district will produce about 500 million kWh of electricity annually, save 110 million m3 of natural gas, reduce carbon emissions by 200,000 tons, create new jobs and attract other investors to new projects
- Through Masdar, the UAE has partnered on profitable renewable energy projects generating 11 GW of renewable energy in more than 30 countries around the world
- And today we are proud to begin our 1st renewable energy project in Azerbaijan
- By adding 230 MW of solar power, our partnership will not only help to achieve clean energy target but will also create knowledge, skills and jobs
- According to the signed agreements, the connection of the 230 MW power plant to be built by the company to the network and the purchase of electricity generated at the plant will be performed by Azerenergy
- The power plant will be integrated into the energy system by connecting to the Janub substation
Masdar, fully owned by Mubadala Investment Company, is a major player in the renewable energy sector across the globe.
It currently operates in more than 30 countries with a total renewable energy capacity of 10.7 GW representing a combined investment of circa $19.9 billion.
It is also active in Uzbekistan, Armenia and Kazakhstan.