Masdar, one of the world's leading renewable energy companies, has signed an agreement with the Ministry of Energy of the Republic of Azerbaijan to design, finance, build, and operate a 200-megawatt utility-scale solar photovoltaic (PV) project, report agencies.
In the presence of Ali Asadov, the prime minister of the Republic of Azerbaijan, the implementation agreement was signed at a ceremony in Baku, the capital of Azerbaijan, by Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, and Mohamed Jameel Al Ramahi, chief executive officer of Masdar. The solar project supports Azerbaijan's target of producing 30 per cent of its domestic power needs from renewable energy sources by 2030.
Under the agreement, Masdar will develop, build and operate the 200MW solar PV project, which will be located 75 kilometres southwest of Baku. Financial close on the project is targeted for the end of 2020, while commercial operation is expected to be achieved in 2022.
Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, said: "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."
Mohamed Jameel Al Ramahi, CEO of Masdar, said: "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.
"Masdar's expanding renewable energy portfolio, which includes solar, wind and waste-to-energy, as well as Masdar's sustainable real estate investments, battery electric storage and other energy-efficiency technologies will be on display at the Masdar stand at the World Future Energy Summit (WFES) from January 13-16, 2020. WFES is the anchor event of the Masdar-hosted Abu Dhabi Sustainability Week, one of the world's largest sustainability gatherings.