Azerbaijan has received a US$114m financing package to build and commission the 230 MW Garadagh solar project, located in Alat, eastern Azerbaijan. The funding will be provided by the European Bank for Reconstruction and Development (EBRD, US$21.4m), the Asian Development Bank (ADB, US$21.4m), the Japan International Cooperation Agency (JICA) and the Abu Dhabi Fund for Development (ADFD).
The plant, which is developed by Masdar, will be the first privately owned, utility-scale solar project in the country and should generate up to 558 GWh/year of electricity. Masdar is a renewables company owned by the Emirati sovereign wealth fund Mubadala,
In 2020, solar represented less than 1% of Azerbaijan’s total installed capacity (35 MW) and power generation (47 GWh). The country is still heavily reliant on fossil fuels, as gas accounted for 40% of its installed capacity and 94% of its power generation in 2020.
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