Masdar has reached a financial close for its planned Garadagh photovoltaic project. The 230MW plant will be installed in Azerbaijan, being Masdar’s first initiative in the country.
The developer has received financial support from the Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development (EBRD) and Japan International Cooperation Agency.
Once complete, the facility will generate enough power to meet the energy demand of over 110,000 homes (500 million kWh per year). It will also prevent the emission of over 200,000 tonnes of carbon per year.
Construction for Garadagh began in March 2022. First power is expected in 2023.
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