Masdar pursues plans for ten GW of solar and wind in Azerbaijan

Abu Dhabi, United Arab Emirates-based renewable energy company Masdar (Abu Dhabi Future Energy Company) has signed agreements with the Ministry of Energy of Azerbaijan to develop PV and wind power projects with a total capacity of ten gigawatts (GW). Of this, four GW will fall into a first phase and six GW into a second phase. The company did not provide details on the schedule or investment volume. Two »implementation agreements« for one GW each of PV and onshore wind had already been signed in June, it said.
Masdar announced the agreements together with the closure of financing for the 230-megawatt »Garadagh« solar power plant near the village of Alat in eastern Azerbaijan. The plant has already been under construction since March and is expected to be operational in early 2023. The supply of solar modules for the project by Chinese solar group Longi Green Energy Technology Co. Ltd. was agreed back in June (photo).
Financing partners are the Abu Dhabi Fund for Development, the Asian Development Bank, the Japan International Cooperation Agency and the European Bank for Reconstruction and Development (EBRD). The loan volume is $114.2 million, according to an EBRD statement. Garadagh is reportedly Azerbaijan's first private utility-scale PV project. The annual electricity yield is estimated at up to 558 gigawatt hours, or a good 2,460 kilowatt hours per kilowatt of installed capacity.

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