Masdar signs deal to develop $200m solar project in Azerbaijan | The National

Masdar signs deal to develop $200m solar project in Azerbaijan | The National

Masdar plans to develop a 230-megawatt solar project in Azerbaijan as Abu Dhabi’s clean energy company continues to expand its renewable energy portfolio.

The company signed two separate deals including an investment agreement with Azerbaijan’s ministry of energy and a power purchase and transmission connection agreement with state-owned power company Azerenerji to provide a revenue stream, Masdar said in a statement on Wednesday.

The project is Azerbaijan's first solar plant, funded through foreign investment.

“By signing these contracts for a solar power plant worth about $200 million, we are one step closer to our goals for renewable energy and carbon emissions,” Parviz Shahbazov, minister of energy of the Republic of Azerbaijan, said.

“The solar power plant to be built in Baku and Absheron district will produce about 500 million kilowatt-hours of electricity annually, save 110 million cubic metres of natural gas, reduce carbon emissions by 200,000 tonnes, create new jobs and attract other investors to new projects.”