ABU DHABI - Maryam Al Mazrouei, Director of the Department of Masdar investment in Azerbijan, stressed that the UAE and Masdar are keen to encourage foreign direct investment (FDIs) and support the efforts of Azerbaijan in the field of clean energy, sustainable development and reducing carbon emissions.
In a statement to the Emirates News Agency (WAM), Al Mazrouei said that Masdar is currently developing the 230-megawatt (MW) Garadagh Solar Photovoltaic (PV) Power Plant in Azerbaijan, which is the first independent solar power project funded by foreign investment and will begin its commercial operations in 2023.
The plant will help generate 0.5 billion kilowatts per hour (KW/hour) of electricity annually, sufficient to meet the needs of over 110,000 homes and reduce over 200,000 tonnes of carbon emissions per year, as well as create new job opportunities for the local community, she added, noting that the Abu Dhabi Fund for Development is among the entities that financed the project.
Masdar is promoting the UAE’s pioneering role in the global energy sector, supporting the diversification process of the economy and energy sector, showcasing the latest sustainable technologies, and raising awareness about sustainability issues, she further added.
In June 2022, Masdar announced the signing of several agreements with the Ministry of Energy of Azerbaijan to develop clean and renewable energy projects with a total capacity of 4,000 MW, underscoring the commitment of the two countries to climate action, Al Mazrouei said in conclusion.