Japan International Cooperation Agency (JICA) has signed a loan agreement with "Masdar Azerbaijan Energy" LLC, which is building a solar power plant (SPP), for the purpose of financing the project, Report informs, citing the Embassy of Japan in Azerbaijan.
It is the first project in Azerbaijan since the resumption of Private-Sector Investment Finance and is co-financed by the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), and the Abu Dhabi Fund for Development (ADFD).
This is the first large-scale solar power project (230 MW) to be built and managed by a private company in Azerbaijan. The debtor's sponsor, Abu Dhabi Future Energy Company PJSC ("Masdar"), is one of the largest developers of renewable energy projects in the Middle East. They operate in more than 40 countries and have extensive experience in renewable energy projects. As a model project, this project is expected to attract future investments of private companies to similar projects in Azerbaijan and Central Asia and the Caucasus region.