It will design, finance, build and operate the project, which will be located 75 kilometres southwest of the capital city of Baku.
Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, said: “The diversification of electricity production via utilising renewable energy sources is one of the main priorities of focus by the President of the Republic of Azerbaijan.
“By signing this agreement, from now on, we are starting a new phase in the renewable energy sector of Azerbaijan. Our co-operation with Masdar, as one of our first foreign partners in the renewable energy sector, will make a contribution to achieve our goals regarding sustainable and clean energy and facilitate to deliver our shared interests.”
Commercial operation of the plant is expected in 2022.