BAKU, Azerbaijan, May 12. European Bank for Reconstruction and Development (EBRD) will allocate a loan of $51 million to Masdar Azerbaijan Energy company for the construction of the Garadagh solar power plant [Azerbaijan’s Alat settlement] with an installed capacity of 230 MW, Trend reports citing ADB.
Previously, the Asian Development Bank (ADB) expressed readiness to provide a long-term loan in the amount of $23.2 million for the development, construction, and operation of the Garadagh solar plant within the Alat Solar project.
Masdar Azerbaijan Energy is a company registered in Azerbaijan with the aim of implementing a project for the construction and commissioning of the Garadagh solar power plant.
Based in the UAE, Masdar is a regional leader and a major international player in the field of renewable energy and sustainable urban development.
On March 15, a groundbreaking ceremony was held in Gulustan Palace in Baku for the Garadagh solar power plant which will generate 500 million kilowatt-hours of electricity per year and will allow Azerbaijan to save up to 110 million cubic meters of gas.