Azerbaijan found loans for construction of largest solar power plant

Japanese Agency for International Cooperation (JICA), European Bank of Reconstruction and Development (EBRD), Asian Development Bank (Abr), Abu Dabi Development Fund (Adfd) and Masdar Azerbaijan Energy signed a credit agreement with the aim of financing the construction of a solar power plant ” Garadag “with a capacity of 230 MW. According to the document, the company will be allocated a credit package in the amount of 114.2 million US dollars, of which 21.4 million are on the share of Abr, EBRR and Jica, and 50 million – ADFD.

Note that on the basis of the United Azerbaijan, signed on January 9, 2020, between the Azerbaijan Ministry of Energy and the Masdar of the United Arab Emirates (UAE) of the executive agreement on the implementation of the Solar Energy project, on April 6, 2021, between the Ministry of Azereneri and Masdar, Masdar were signed “Investment Agreement”, “Energy Supervision Agreement” and “Connection Agreement to the transmitting network” under the project of a solar power plant with a capacity of 230 MW. On March 15, 2022, with the participation of the President of the Azerbaijan Republic Ilham Aliyev, the ceremony of laying the foundation of the solar power plant “Garadag”.

The station is the first foreign investment and large -scale solar energy project implemented by a private company in Azerbaijan. It will allow more than 500 million kW ⋅ h of electricity per year, save 110 million cubic meters of natural gas, reduce carbon emissions by more than 200,000 tons, satisfy the annual electricity need of more than 110,000 houses and create new jobs. The investment cost of the project is more than 225 million US dollars.

the station will be connected to the general energy system of Azerbaijan in 2023.