Japan to finance solar power plant construction in Azerbaijan

The Japan International Cooperation Agency (JICA) has signed a loan agreement with Masdar Azerbaijan Energy LLC to finance a solar power plant (SPP) (Alat Solar project - Garadagh solar power plant) with a capacity of 230 megawatts (MW) near Azerbaijan's Alat settlement.

"The Azerbaijani government has committed itself to reach the Paris Agreement and bring the share of renewable energy sources to 30 per cent by 2030. This loan will help you achieve these goals and ensure a stable electricity supply," Report quotes the Japanese embassy in Baku as saying.

Earlier, it was reported that Azerbaijan's goal to diversify its energy mix received a significant boost after the decision to provide a $114.2 million financing package from the EBRD, the Asian Development Bank (ADB), the Japan International Cooperation Agency (JICA) and the Abu Dabi Development Fund (ADFD). The funds will be used to commission a 230 megawatt (MW) photovoltaic solar power plant located near the village of Alat in eastern Azerbaijan, the EBRD said.