Garadagh Solar Power Plant

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This project involves the development, construction and operation of a 230 MW solar power plant, located 9 km northwest of the Alat settlement in eastern Azerbaijan. It is expected to generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 homes, and to reduce the emissions by more than 200,000 tonnes a year. The project company, responsible for the implementation is Masdar Azerbaijan Energy LLC, fully owned by the sponsor Abu Dhabi Future Energy Company (Masdar). It is obliged to provide its energy output to the Azerenerji Joint Stock Company under a 23-year power purchase agreement. Total investment of the project stands at $250 million, of which a $114.2 million financial package is secured by the following institutions - EBRD and ADB provide each $21.4 million loan, and the remaining amount is backed by Japan International Cooperation Agency (JICA) and Abu Dhabi Fund for Development (ADFD). Financial close of the project took place on August 2, 2022. https://www.jica.go.jp/english/news/press/2022/20220803_30.html https://www.adb.org/news/adb-masdar-sign-21-million-loan-build-landmark-solar-power-project-azerbaijan https://www.ebrd.com/news/2022/ebrd-invests-us-214-million-in-pioneering-solar-plant-in-azerbaijan.html https://news.masdar.ae/en/Press%20Release?News/2022/08/02/10/43/Masdar-Achieves-Financial-Close-on-Landmark-230-MW-Garadagh https://area.gov.az/en/page/layiheler/cari-layiheler/230-mvt-gunes-elektrik-stansiyasi