Contracts for construction of a solar power plant signed in Azerbaijan with UAE’s Masdar


April 6, Fineko/abc.az.  The Ministry of Energy, Azerenerji OJSC and Masdar (UAE) signed an Investment Agreement, an Energy Purchase & Sale Agreement, and the Connection Agreement to the Transmission Network for the construction of a solar power plant with capacity of 230 MW.

ABC.AZ was informed at the Ministry of Energy that the contracts were signed by Energy Minister Parviz Shahbazov and Azerenerji’s president Baba Rzayev on the part of the Republic of Azerbaijan, and general director Mohamed Jamil Al Ramahi on the part of Masdar.

Minister Shahbazov assessed this project based on foreign investment as meeting global challenges, the goals of sustainable and diversified development of the country's economy, as well as the reforms carried out in the energy sector.

"By signing these contracts for the construction of solar power plants worth about $200 million, we are moving one step closer to our renewable energy and carbon emissions goals. The solar power plant to built in Baku and Absheron district will generate about 500 million kWh of electricity a year, save 110 million cu m of natural gas, reduce carbon emissions by 200,000 tons, create new jobs, and attract other investors to new projects," the minister emphasized.