The EBRD and other development banks have approved a $114m financing package for a 230MW solar project in Azerbaijan.
The funding will be provided to the Garadagh Solar Project developer Masdar Azerbaijan Energy, 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 EBRD plus the other lenders towards the package, which are the Asian Development Bank (ADB), the Japan International Cooperation Agency (JICA), and the Abu Dhabi Fund for Development (ADFD).
Masdar’s solar power plant is the first privately owned, utility-scale solar power project in Azerbaijan.
Once commissioned, the plant’s 230MW of renewable energy generation capacity will support Azerbaijan’s decarbonisation agenda and contribute to priorities set out in the United Nations 2030 Sustainable Development Goals (SDGs).
The EBRD is an important institutional investor in Azerbaijan.
To date, the Bank has invested more than €3.6bn in 181 projects in the country.