UAE - Mubasher: The UAE-based Masdar Clean Energy has entered into agreements to establish a 230-megawatt (MWac) utility-scale solar photovoltaic (PV) project worth around $200 million in Azerbaijan.
The project is Azerbaijan’s first foreign investment-based independent solar project structured as a public-private partnership, according to a press release on Wednesday.
The CEO of Masdar, Mohamed Jameel Al Ramahi, signed the investment agreement for the project with the Minister of Energy of Azerbaijan, Parviz Shahbazov.
At the same time, Al Ramahi inked a power purchase agreement and transmission connection agreement with Baba Rzayev, President of Azerenerji, the national electrical power company and off-taker for the project.
Expected to start commercial operation in early 2023, the project will generate half a billion kilowatt-hours of electricity annually to meet the needs of over 110,000 homes and cut emissions by 200,000 tonnes a year.
The President of Azerenerji, Baba Rzayev, said: "The power plant will be integrated into the energy system by connecting to the "Janub" substation. Together we will achieve timely and high-level implementation of these agreements."
Meanwhile, the CEO of Masdar, Mohamed Jameel Al Ramahi, commented: "Masdar has taken an active role in addressing climate change since 2006 and today we are a catalyst for renewable energy in more than 30 countries around the world."