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Masdar ready to further support Azerbaijan's plans for clean energy

14 December 2023 16:44 (UTC+04:00)
Masdar ready to further support Azerbaijan's plans for clean energy
Abbas Ganbay
Abbas Ganbay
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Masdar Company of the United Arab Emirates (UAE) is ready to further support Azerbaijan's plans on clean energy, Azernews reports.

This is stated in the official account of the company in the social network "X":

"We congratulate the Republic of Azerbaijan on hosting COP29 next year. As a loyal partner since 2020, Masdar is proud to support Azerbaijan's clean energy ambitions. We are working together to get more than 30% of total energy capacity from renewable energy sources by 2030," the information says.

Masdar Company is building the largest solar power plant in the Caspian region and CIS in Garadagh. The station was built at the expense of foreign investments worth $262 mln. This is the first solar power plant of industrial scale realised by attracting foreign investments in Azerbaijan.

Annual generation of 500 mln kilowatt-hours of electricity at the station will save 110 mln cubic metres of natural gas. At the same time, carbon dioxide emissions will be reduced by 200,000 tonnes. The 550-hectare power plant has 570,000 solar panels. A 330-kilovolt substation has been built to connect the plant to the grid.

In addition, three investment agreements on green energy projects with a total capacity of 1,000 MW were signed between the Government of Azerbaijan and Masdar. The investment contracts envisage the implementation of a 445 MW solar power plant in the Bilasuvar district, a 315 MW solar power plant in the Banke settlement of the Neftchala district, and a 240 MW wind power plant in the Absheron-Garadagh district.

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