ADB allocates $23.2 million for solar plant construction in Azerbaijan
The Asian Development Bank (ADB) has allocated a $23.2 million loan for the development, construction and operation of a 230-megawatt solar power plant in Azerbaijan.
Earlier the European Bank for Reconstruction and Development (EBRD) announced about allocation of $51 million for this project.
The plant, located 75km southwest of Baku, is expected to be completed within 18 months. Abu Dhabi Future Energy Company PJSC (Masdar), one of the leading renewable energy companies in the world, started construction of the plant in March. The groundbreaking ceremony for the 230-megawatt Garadagh Solar PV Plant was attended by Azerbaijani President Ilham Aliyev and the energy ministers of the UAE and Azerbaijan.
The plant will generate 500 million kilowatt hours of electricity per year, saving 110 million cubic meters of gas and reducing greenhouse gas emissions to the amount of 200,000 tons. The solarr plant will provide electricity to 110,000 families.
Masdar, owned by investment company Mubadala, currently operates in more than 30 countries with a total renewable energy capacity of 10.7 gigawatts representing a combined investment of approximately $19.9 billion.