Under the agreement, Masdar will develop, build and operate the solar project, which will be located 75km southwest of the capital, Baku
Masdar, the Abu Dhabi-based renewable energy company, has signed an agreement with the Ministry of Energy of the Republic of Azerbaijan to design, finance, build and operate a 200MW solar project.
In the presence of Ali Asadov, the Prime Minister of the Republic of Azerbaijan, the implementation agreement was signed by Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, and Mohamed Jameel Al Ramahi, CEO of Masdar.
Under the agreement, Masdar will develop, build and operate the solar project, which will be located 75km southwest of the capital, Baku.
Financial close on the project is targeted for the end of 2020, while commercial operation is expected to be achieved in 2022.
Shahbazov said: “By signing this agreement, from now on, we are starting a new phase in the renewable energy sector of Azerbaijan. Our cooperation with Masdar... will make a contribution to achieve our goals regarding sustainable and clean energy, and facilitate to deliver our shared interests.”
Al Ramahi added: “Today’s signing marks a major step forward for Azerbaijan and its ambitions to diversify its energy mix... Masdar is honoured to partner with the Republic of Azerbaijan to develop the landmark 200MW solar project.”
The solar project supports Azerbaijan’s target of producing 30 percent of its domestic power needs from renewable energy sources by 2030.
