Masdar has inked a deal with Azerbaijan’s Ministry of Energy to design, finance, build and operate a 200MW utility-scale solar photovoltaic (PV) project. The project will be located 75 km southwest of Baku.
The financial close of the project is expected at the end of 2020, while commercial operations are expected to kickoff in 2022.
The agreement was signed at a ceremony held in Baku, by Parviz Shahbazov, Minister of Energy of Azerbaijan, and Mohamed Jameel Al Ramahi, CEO of Masdar, in the presence of Prime Minister Ali Asadov of Azerbaijan.
Shahbazov commented, “The diversification of electricity production via utilising renewable energy sources is one of the main priorities of focus by the President of the Republic of Azerbaijan. By signing this agreement, from now on, we are starting a new phase in the renewable energy sector of Azerbaijan. Our cooperation with Masdar, as one of our first foreign partners in the renewable energy sector, will make a contribution to achieve our goals regarding sustainable and clean energy, and facilitate to deliver our shared interests.”
According to a statement, the renewable energy project supports Azerbaijan’s goal of producing 30% of its domestic power from renewable energy sources by 2030.
Al Ramahi, CEO of Masdar added, “Today’s signing marks a major step forward for Azerbaijan and its ambitions to diversify its energy mix. As a global leader in the development of commercially viable renewable energy projects in more than 30 countries, Masdar is honoured to partner with the Republic of Azerbaijan to develop the landmark 200MW solar project. With more than a decade of experience, we are also proud to be supporting the government of Azerbaijan and its clean energy transition.”