{"id":80308,"date":"2023-10-30T02:00:57","date_gmt":"2023-10-30T02:00:57","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/10\/30\/masdar-launches-230-mw-solar-project-in-azerbaijan-and-agrees-to-develop-a-further-1-gw-worth-of-clean-clean-energy-projects\/"},"modified":"2023-10-30T02:00:57","modified_gmt":"2023-10-30T02:00:57","slug":"masdar-launches-230-mw-solar-project-in-azerbaijan-and-agrees-to-develop-a-further-1-gw-worth-of-clean-clean-energy-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/10\/30\/masdar-launches-230-mw-solar-project-in-azerbaijan-and-agrees-to-develop-a-further-1-gw-worth-of-clean-clean-energy-projects\/","title":{"rendered":"Masdar launches 230 MW solar project in Azerbaijan and agrees to develop a further 1 GW worth of clean clean energy projects"},"content":{"rendered":"

<\/a><\/strong>Masdar launches Azerbaijani solar project and lines up more:<\/strong> Masdar launched the operations of its Garadagh Solar Park in Azerbaijan \u2014 the largest in the region and the first independent solar project to receive foreign investment \u2014 and inked agreements for 1 GW of solar and onshore wind projects in the country, according to a statement<\/a> released on Thursday. Azerbaijan aims to generate more than 30% of its overall energy capacity from renewables by 2030.<\/p>\n

The details:<\/strong> The plant \u2014 Masdar\u2019s first project in the country \u2014 will generate 500 mn kWh of clean energy a year powering 110k homes and reducing 200k of CO2. The project is co-financed<\/a> by the Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development, and Japan International Cooperation Agency. The renewables giant plans to repay financing through a debut green bond issuance next year<\/a>.<\/p>\n

More in the pipeline: <\/strong>Masdar signed agreements with Azerbaijan to develop solar and onshore wind projects with a total capacity of 1 GW in the country, the statement notes. This forms part of a broader agreement to install 10 GW of clean energy projects<\/a> \u2014 including onshore and offshore wind farms, solar farms and green hydrogen \u2014 in the Central Asian country.<\/p>\n

Masdar\u2019s portfolio in the country is booming: <\/strong>The company signed an agreement with Azerbaijan\u2019s state oil firm SOCAR to develop renewables projects with a combined capacity of 4 GW in January<\/a>. These include the joint development of offshore wind energy and hydrogen projects with a capacity of 2 GW, solar photovoltaic energy projects with a capacity of 1 GW, and 1 GW of onshore wind energy.<\/p>\n","protected":false},"excerpt":{"rendered":"

Masdar launches Azerbaijani solar project and lines up more: Masdar launched the operations of its Garadagh Solar Park in Azerbaijan \u2014 the largest in the region and the first independent solar project to receive foreign investment \u2014 and inked agreements for 1 GW of solar and onshore wind projects in the country, according to a 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