On January 9th, Abu Dhabi Future Energy Company (Masdar) announced the signing of an agreement with the Ministry of Energy of Azerbaijan, regarding the design, financing, construction and operation of the first solar power plant as utility in Azerbaijan.
The Azerbaijani Energy Minister, Pervez Shahbazov, and the CEO of Masdar, Muhammad Jamil Al-Ramahi, signed the project implementation agreement in Baku in the presence of the Prime Minister of Azerbaijan, Ali Asadov.
Under the agreement, Masdar will develop and operate a 200 MW solar power plant. All financial operations of the project are scheduled to be completed by the end of 2020, while commercial operation is expected to start during 2022.
Shahbazov stated that diversifying energy sources and adopting renewable sources is one of the main priorities of Azerbaijan, indicating that Azerbaijan has started a new stage in the renewable energy sector.
