Masdar has signed an agreement with the Georgian Energy Development Fund to develop an up to 100MW solar PV project in the country.
This new site will be jointly developed between the two organisations and will be Georgia’s largest solar power plant.
Masdar said that the development of the project is being carried out as part of a larger framework agreement signed with the Georgian Energy Development Fund (GEDF) this year to develop renewable energy projects in the Eurasian nation.
The agreement was signed by Masdar chief executive officer Mohamed Jameel Al Ramahi and GEDF chief executive officer Giorgi Chikovani during a ceremony yesterday (pictured) in the Leadership Pavilion at the Dubai Expo.
The UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and the Georgian Minister of Economy and Sustainable Development Natela Turnava were also present for the event.
Chikovani said: “Georgia strongly follows its route and in accordance with the country’s strategy continues its utilization of renewable energy sources.
“This agreement, which aims to develop a solar project with one of the world’s leading renewable energy companies, is a precondition for achieving the priority goals and targets of the state energy policy.
“Development of similar projects will strengthen the energy security of Georgia, contribute to diversification of energy sources and increase the share of renewable energy in the power generation mix.”
Al Ramahi said: “This landmark agreement will support Georgia’s energy diversification efforts, and will make a positive contribution on climate action.
“As a global leader in renewable energy, with projects in almost 40 countries, we look forward to working with the Georgian Energy Development Fund and the Government of Georgia on further renewable energy opportunities and will leverage our experience to support the nation’s economic development.”
Georgia, which primarily relies on hydropower for electricity generation, is looking to enhance its energy security and diversify its energy mix, Masdar said.