The announcement was accompanied by the signing of 4 new clean-energy projects in the country.
The Garadagh solar project will help to generate half a billion KWh of electricity annually.
It is the nation’s 1st foreign investment-based independent solar power project.
The Garadagh power plant is projected to produce enough power to meet the needs of more than 110 000 houses and reduce annual emissions by more than 200 000 tons.
The Abu Dhabi Fund for Development (ADFD), a UAE development financing institution, is a key finance partner for the project.
Masdar CEO, Mohamed Jameel Al Ramahi, signed 4 memorandums of understanding with different parties, all related to the development of clean energy projects in the country.
Al Ramahi said of the announcements:
- This ground-breaking event marks a major milestone in Azerbaijan’s clean energy journey and we at Masdar are proud to be able to leverage our experience and expertise to support the nation’s energy transition.
- By diversifying its energy mix, Azerbaijan will be able to drive sustainable development and enhance energy security, while making a major contribution to climate change mitigation
It was attended by Ilham Aliyev, President of Azerbaijan.
Azerbaijan aims to enhance the proportion of installed power capacity from renewable sources to up to 30% by 2030.
This comes as the country looks to diversify its economy and reduce greenhouse gas emissions.