Masdar achieves financial close on landmark 230 MW Garadagh solar pv plant in Azerbaijan

Masdar achieves financial close on landmark 230 MW Garadagh solar pv plant in Azerbaijan

- Masdar signed implementation agreements with Azerbaijan’s Ministry of Energy in June to develop solar and wind projects with a combined capacity of as much as 10 GW

Abu Dhabi, United Arab Emirates: Masdar, one of the world’s leading renewable energy companies, announced today that it has achieved financial close for its 230-megawatt (MW) Garadagh Solar Photovoltaic (PV) Plant in Azerbaijan – the nation’s first foreign investment-based independent solar power project, and Masdar’s first project in the country.

The project is co-financed by Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development and Japan International Cooperation Agency.

Minister of Energy Parviz Shahbazov said: “Successful achievement of the next critical milestone in the project is a proof of our determined approach to the joint cooperation and commitment of the parties towards the realization of the project. In line with the national priority on “A clean environment and country of green growth”, our country has ambitious plans about utilization of its ample renewable energy potential and we are confident that this solar power project will be a great trailblazer for future projects in the field of green energy. This and other projects will further contribute to the realization