Azerbaijan Solar Deal

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Abu Dhabi’s Masdar signed agreements this week to develop a utility-scale solar photovoltaic project in Azerbaijan. The 230 MW project is Azerbaijan's first foreign investment-based independent solar project structured as a public-private partnership. The contracts are worth $200 million for solar plants which will be built in Baku and Absheron district, saving around 110 million cubic meters of natural gas and reducing carbon emissions by 200,000 tons, said Azerbaijan’s minister of energy, Parviz Shahbazov. Azerbaijan wants to increase its installed power capacity to 30% from renewable sources by 2030, as Baku looks to diversify its economy and reduce greenhouse gas emissions. The country has an estimated solar energy potential of 23,040 MW, according to the International Renewable Energy Agency (NE Nov.21'19). The plant is expected to start commercial operation in early 2023.

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