UAE's Masdar prepares to invest in Kyrgyzstan

Masdar of the United Arab Emirates (UAE) plans to invest in Kyrgyzstan to purchase 1 GW of electricity from renewable energy sources.

Report informs, citing the company, that a memorandum of understanding was signed between the Kyrgyz Ministry of Energy and Masdar on Friday, the company said.

Potential investments of Masdar are expected to support Kyrgyzstan in achieving its goal of reducing carbon emissions by 44% by 2030 and neutralizing carbon by 2050. The Central Asian country already gets about 90% of its energy from clean energy sources, most of it from obsolete hydropower plants.

Masdar has more than $ 20 billion (18.5 billion euros) in renewable energy investments in 40 countries. The projects the company has invested in, including installed and semi-installed capacity, have exceeded 15 GW.

The foundation of the Garadagh solar power plant with a capacity of 230 MW was laid in Azerbaijan last month. The total cost of the project, which will be implemented over 18 months, is $ 225 million.