Masdar signs power purchase agreement for 230MW Azerbaijan solar project
UAE-based Masdar has signed a power purchase agreement (PPA) with Azerbaijan’s Ministry of energy for a 230MW photovoltaic (PV) solar project in the central Asian country. The $200m PV solar independent power producer (IPP) project will be developed near the capital Baku in the Absheron district
UAE-based Masdar has signed a power purchase agreement (PPA) with Azerbaijan’s Ministry of energy for a 230MW photovoltaic (PV) solar project in the central Asian country.
The $200m PV solar independent power producer (IPP) project will be developed in the Absheron district near to the capital city Baku.
The project is expected to produce 500kWh of electricity annually and save 110 million cubic metres of natural gas. This will reduce Azerbaijan’s carbon emissions by 200,000 tonnes a year, while also creating jobs for local people.
“As Masdar, we are proud of being part of Azerbaijan’s first foreign investment-based solar project that is structured as a public-private partnership and being strategic partner on the path to cleaner and more sustainable electricity generation,” Mohamed Jameel al-Ramahi, Masdar’s CEO, said following the signing of the PPA and other investor agreements for the solar project.
Masdar first signed implementation agreements with Azerbaijan to deliver a utility-scale PV solar project in January 2020.
Synergy Consulting provided financial advisory services to Masdar for the transaction.
Saudi Arabia’s Acwa Power is another GCC-based utility developer that is developing clean energy projects in Azerbaijan.
In December 2020, Acwa Power signed the PPA and investment agreements for a 240MW wind power project in the central Asian country.
The $300m wind energy project will be located in the Absheron and Khizi regions of Azerbaijan.
Energy & Utilities - Middle East and Africa Market Outlook Report 2024.
This must-have report for industry players offers a thorough understanding of the latest developments, challenges, and opportunities in the region, supported by data, analysis, and expert insights.
E&U Podcast
Subscribe to our Market Talk podcast for the latest on the key issues and trends in the energy and utilities sector
