Masdar and a delegation of Azerbaijani government representatives have signed three separate investment agreements. The investment agreements will fund the rollout of two Masdar-managed PV projects and one onshore wind project with a total combined capacity of 1 GW.
The contracts are claimed to be part of the first phase of a 10 GW renewable energy project pipeline in Azerbaijan.
In a press release, Azerbaijan’s Minister of Energy, Pavriz Shahbazov, said the announcement mirrors the current government’s prioritization of renewable energy development. The statement did not specify where the projects would be located, what technology would be utilized or when the projects would be commissioned.
The contracts were signed at the inauguration of the 230 MW Garadagh Solar Park in Garadagh, located in Azerbaijan's Baku region. The project, touted as the largest PV plant in the area, is also managed by Masdar.
Azerbaijan aims to generate more than 30% of its overall energy capacity from renewables by 2030.
The European Bank for Reconstruction and Development (EBRD) estimates Azerbaijan’s solar potential is 8 GW. However, very little solar has actually been rolled out in the country. Only 30 MW of solar capacity was deployed at the end of 2020, according to the International Renewable Energy Agency (IRENA).
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