On August 2, the Japan International Cooperation Agency (JICA) signed a project finance loan agreement with “Masdar Azerbaijan Energy” Limited Liability Company, which is implementing a solar power generation project in the Republic of Azerbaijan. The project is a solar power generation project in the Republic of Azerbaijan. This is the first project to be implemented in Azerbaijan since JICA resumed its overseas investment and financing operations, and will be co-financed by the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), and the Abu Dhabi Development Fund (ADFD).
Since its independence in 1991, Azerbaijan has achieved high economic growth through the development and export of oil and natural gas by actively introducing foreign capital. This project will contribute to SDGs (Sustainable Development Goals) Goal 7 (Access to Energy), 13 (Climate Change), and 17 (Partnership) by establishing a solar power generation facility in Arat, Garadag district, while reducing the financial burden by utilizing private investment.
Through this project, a large-scale solar power generation facility (230 MW) will be constructed and operated by a private company for the first time in Azerbaijan. The sponsor, Abu Dhabi Future Energy Company PJSC – Masdar, is one of the largest renewable energy power producers in the Middle East, with operations in over 40 countries worldwide and a wealth of experience.
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