04/08/2021 | Press release | Distributed by Public on 04/08/2021 08:22
Shearman & Sterling advised Abu Dhabi Future Energy Company (Masdar) on the 230-MW solar power plant in the Kharadagh (Baku) and Absheron districts in the Republic of Azerbaijan. The Investment Agreement with the Government of Azerbaijan and the Power Purchase Agreement and Transmission Connection Agreement with Azerenerji OJSC, the national electrical power company and off-taker for the project, were signed in a ceremony held in Baku on April 6, 2021.
The project is an important milestone for power generation in Azerbaijan, being the country's first foreign investment-based independent power project in solar energy sector and the largest utility-scale solar power plant of the country. Azerbaijan plans to increase its installed power capacity from renewable sources to 30% by 2030 in an effort to diversify its economy and reduce greenhouse gas emissions. The country is preparing a new legislative framework for renewable energy projects and its first competitive renewable energy auctions in 2021-2022.