Abu Dhabi energy company Masdar has started construction on a 230 MW solar power plant that it says is Azerbaijan's 1st foreign investment-based independent solar project which will contribute to the nation's clean energy strategy.
The Garadagh Solar PV Plant is coming up near Alat settlement for which Masdar signed agreements in April 2021. Scheduled to start commercial operations in 2023, the project is expected to generate half a billion kWh of clean electricity annually.
This capacity will be enough to suffice electricity needs of more than 110,000 houses while creating local jobs. Garadagh solar plant has secured financing from the Abu Dhabi Fund for Development (ADFD) as a key finance partner for the facility.
"We look forward to building on our presence here in Azerbaijan, and helping the nation achieve its renewable energy objectives through these agreements," said Masdar CEO Mohamed Jameel Al Ramahi while during the groundbreaking ceremony which was attended by the country's President Illham Aliyev. "We stand ready as an active strategic partner to Azerbaijan to provide knowledge exchange, develop local expertise and deliver lasting infrastructure improvement."
Azerbaijan aims to grow its installed renewable energy capacity by 2030 to account for 30% of the national mix with the International Renewable Energy Agency (IRENA) estimating its solar potential as 23.04 GW. As per the agency's Renewable Energy Statistics data, the country had an installed renewable energy capacity of 1.29 GW at the end of 2020 including solar PV capacity of 35 MW.
Masdar said it also signed 4 new agreements with the Azerbaijan government for the development of additional clean energy projects, but did not share details.
Earlier, oil and gas giant bp plc said it will cooperate with Azerbaijan for a 240 MW solar power plant in Zangilan/Jabrayil districts (see BP To Build 240 MW Solar Power Plant In Azerbaijan).