Masdar, or Abu Dhabi Future Energy Company, recently announced that it had signed an agreement with the Ministry of Energy of the Republic of Azerbaijan to design, finance, build and operate a 200 MW utility-scale solar project in the country.

Report says, citing the foreign media, that the UAE-based renewable energy company plans to develop and operate the project 75 kilometers southwest of the capital, Baku. The project is expected to be in commercial operation in 2022, while the financial closing is targeted for the end of 2020.

“Our cooperation with Masdar, as one of our first foreign partners in the renewable energy sector, will contribute to achieving our goals of sustainable and clean energy. It will also facilitate the delivery of our shared interests,” said Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan.

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The project also aims to help Azerbaijan reach its target of supplying 30% of its domestic power needs from energy generated from renewable sources by 2030.

The diversification of electricity production with the help of renewable energy sources is one of the main priorities of the president of the Republic of Azerbaijan, Shahbazov noted.

Masdar, a subsidiary of UAE-based Mubadala Investment Company, is a developer and operator of utility-scale renewable energy projects, community grid projects, and energy services consultancy.