Director of the Department of Masdar Investment in Azerbaijan, Maryam Al Mazrouei stated that both the UAE and Masdar are eager to encourage foreign direct investments in Azerbaijan and support the country’s efforts in the areas of clean energy, sustainable growth, and reducing carbon emissions.
Al Mazrouei stated to WAM that Masdar is currently working on the 230 MW Garadagh Solar Photovoltaic Plant in Azerbaijan. This is the first independent solar power plant funded by foreign capital and will start commercial operations in 2023.
The plant will generate approximately 0.5 billion kilowatts an hour of power annually. This is enough to supply electricity for over 110,000 homes, reduce carbon emissions by more than 200,000 tonnes per year, and create new jobs for the community.
Masdar promotes the UAE’s leadership role in the global energy sector, supporting diversification of the energy sector and economy, as well as raising awareness on sustainability issues.
Masdar announced in June 2022 the signing of various agreements with the Ministry of Energy of Azerbaijan for the development of clean and renewable energy projects totaling 4,000 MW. This was to underline the countries’ commitment to climate action, Al Mazrouei stated.
