| Project Detail |
Location:
Azerbaijan
Project number:
55494
Business sector:
Energy
Notice type:
Private
Environmental category:
B
Approval date:
22 Oct 2024
Status:
Concept Reviewed
English-language PSD published:
20 Sep 2024
Project Description
Provision of long-term senior loan of up to $80 million for the development, construction and operation of a solar photovoltaic power plant with an installed capacity of 315 MW on a site located in Neftchala region in eastern Azerbaijan (the Project). The Project will be developed by a newly established special purpose vehicle in Azerbaijan, which will act as the borrower for the project. Abu Dhabi Future Energy Company PJSC (Masdar) will act as the sponsor for the project.
Project Objectives
The Project will add 315 MW of solar photovoltaic power generation capacity to the Azerbaijani power system. This would help substitute natural gas-based power plants and help the Government of Azerbaijan in meeting the renewable energy targets set in line with the countrys commitments under the Paris Agreement. The Project will also result in strong environmental benefits with estimated annual CO2 emissions savings of up to 314,000 tonnes. This will assist the country in its low-carbon transition, reducing its current high reliance on thermal power generation. |
