The European Financial institution for Reconstruction and Growth (EBRD) has accepted to provide USD 51 million (EUR 48.3m) in senior debt for the construction of a 230-MW solar photovoltaic plant in Azerbaidjan.
Masdar will construct this solar PV plant which is the nation’s first foreign investment-based independent solar power project. The total estimated cost of this plant will be around USD 250 million.
Masdar signed agreements to develop the Garadagh project, located nine kilometers northwest of the Alat settlement, in April last year, with the plant expected to start commercial operation in 2023.
The project will help to generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 houses, and will reduce emissions by more than 200,000 tons a year, while also creating valuable jobs.
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