Aze.Media
Who we are
Donate
No Result
View All Result
  • Opinion
  • News
    • Economy
    • Energy
    • Ecology
  • Culture
  • Diaspora
  • Interview
  • Science
  • Logistics-Transport
  • Gender
  • History
  • Defense
  • Karabakh
  • Home page
  • Culture
  • Defense
  • Diaspora
  • Gender
  • History
  • Interview
  • Karabakh
  • Logistics-Transport
  • News
    • Ecology
    • Economy
    • Energy
  • Opinion
  • Science
No Result
View All Result
Aze.Media
Home News Energy

EBRD invests US$ 21.4 million in pioneering solar plant in Azerbaijan

This will not only support Azerbaijan’s decarbonisation agenda, but also contribute to European energy security by increasing availability of domestic gas for exports.

Author: AzeMedia
August 2, 2022
in Energy
Reading Time: 2 mins read
EBRD-1

LatestNews

c4201f24a0ee43cd4116c443916e5bd9

Two-week output suspension for BP’s Shah Deniz platform

August 16, 2022
Oil rigs against the backdrop of the colorful sky and a flagpole with the flag of Kazakhstan. The concept of oil production, minerals, development of

Can Europe receive Kazakh oil through the Baku-Tbilisi-Ceyhan pipeline?

August 16, 2022

The burgeoning energy partnership between Azerbaijan and the EU

August 13, 2022

Kazakhstan seeks to bypass Russia by selling oil through Azerbaijan

August 12, 2022
  • US$ 114.2 million loan package for Masdar’s Garadagh Solar Project in Azerbaijan
  • EBRD to provide US$ 21.4 million, remaining US$ 92.8 million by ADB, JICA and ADFD
  • Project to support Azerbaijan decarbonisation while boosting Europe’s energy security

Azerbaijan’s goal of diversifying its energy mix has received a major boost with the approval of US$ 114.2 million financing package from the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), the Japan International Cooperation Agency (JICA), and the Abu Dhabi Fund for Development (ADFD). The funds will be used to commission a 230-megawatt (MW) photovoltaic (PV) solar power plant located near the Alat settlement in eastern Azerbaijan.

The funding will be provided to the Garadagh Solar Project developer Masdar Azerbaijan Energy LLC, which is fully owned by Abu Dhabi Future Energy Company. Masdar is a leading renewable energy company operating globally and an existing client of the Bank, ADB, JICA and ADFD.

Masdar’s solar power plant is the first privately owned, utility-scale solar power project in Azerbaijan. Today’s agreement sets the precedent for further private-sector participation in Azerbaijan’s renewable energy market actively supported by the EBRD at the policy and investment level. Once commissioned, the plant’s 230 MW of renewable energy will generate up to 558 Gigawatt hours (GWh) of electricity, reducing annual CO2 emissions by up to 265,000 tonnes.

This will not only support Azerbaijan’s decarbonisation agenda, but also contribute to European energy security by increasing availability of domestic gas for exports. The project will thus contribute to priorities set out in the United Nations 2030 Sustainable Development Goals (SDGs), namely, clean and affordable energy; industry, innovation and infrastructure; and climate action.

The EBRD is an important institutional investor in Azerbaijan. To date, the Bank has invested more than €3.6 billion in 181 projects there. The Bank’s strategy in the country focuses on helping Azerbaijan to diversify its economy and develop the non-oil private sector.

Rezo Bitsadze

ebrd-sprite

Share10Tweet6SendShare

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe

Related Posts

c4201f24a0ee43cd4116c443916e5bd9
Energy

Two-week output suspension for BP’s Shah Deniz platform

August 16, 2022
Oil rigs against the backdrop of the colorful sky and a flagpole with the flag of Kazakhstan. The concept of oil production, minerals, development of
Energy

Can Europe receive Kazakh oil through the Baku-Tbilisi-Ceyhan pipeline?

August 16, 2022
oil-and-gas
Energy

The burgeoning energy partnership between Azerbaijan and the EU

August 13, 2022
bneGeneric_Russia_nord_stream_2_pipeline_on_ship_1
Energy

Kazakhstan seeks to bypass Russia by selling oil through Azerbaijan

August 12, 2022
jan_2013_aerial_francois_site_photoshooting0104__slideshow-e1467370658868
Energy

Masdar reaches financial close on 230-megawatt Azerbaijan solar project

August 2, 2022
thumbs_b_c_8bba45edcd174065341a56bff6039034
Energy

UBOC lets riser contract in Azerbaijan

August 1, 2022
bneGeneric_Azerbaijan_Turkey_second_phase_of_TANAP_running_to_Turkey’s_border_with_Greece_copy
Energy

Ankara: joint Turkey-Azerbaijan project is an alternative to Russian gas for Europe

August 1, 2022
oil-and-gas
Energy

Can Azerbaijan be considered a viable energy alternative to Russia?

August 1, 2022

New articles

Opinion

A delay in the delimitation of the Azerbaijan–Armenia border

August 17, 2022
Economy

Top 10 countries importing Azerbaijani oil

August 17, 2022
Economy

Car imports in Azerbaijan decreased by 13%

August 17, 2022
Economy

SmilePay rolls out face payments in Azerbaijan

August 17, 2022
Opinion

‘Take Iranian terrorism seriously’ says Israel envoy to Azerbaijan after Rushdie stabbing, personal death threat

August 17, 2022
Energy

Two-week output suspension for BP’s Shah Deniz platform

August 16, 2022
Diaspora

Azerbaijani community in the UK: The Mahdi Servants Union should be recognized as a terrorist organization

August 16, 2022
Opinion

Iran: Azerbaijan’s good neighbour or sneaky adversary? Inconsistency of Tehran diplomacy

August 16, 2022
News

Israel’s ambassador to Baku: They want to kill me

August 16, 2022
Opinion

Will the EU make moves in Armenia-Azerbaijan normalization?

August 16, 2022
c24a7d34-02d2-45a2-95ad-980aa8264ad5
426082d1-a9e4-4ac5-95d4-4e84024eb314
ab65ed96-2f4a-4220-91ac-f70a6daaf659
96e40a2b-5fed-4332-83c6-60e4a89fd4d0
759bde00-a375-4fa1-bedc-f8e9580ceeca
aze-media-logo-ag

Aze.Media offers an independent and strategic insight on socio-cultural, political and economic life in Azerbaijan. We are thinkers of diverse disciplines spread across countries working together as one team to provide international audiences with an alternative point of view on Azerbaijani and foreign realities.

Email: editor@aze.media


© 2021 Aze Media International Platform for Alternative Thought.

No Result
View All Result
  • News
  • Economy
  • Ecology
  • Energy
  • Opinion
  • Culture
  • Gender
  • Interview
  • Science
  • Logistics-Transport
  • History
  • Defense
  • Karabakh
  • Diaspora
  • Who we are

© 2021 Aze Media International Platform for Alternative Thought.