MANILA, Nov. 16 (Xinhua) -- The Asian Development Bank (ADB) and Abu Dhabi Future Energy PJSC (Masdar) on Saturday signed two loans, totaling 160 million U.S. dollars, to build two of the largest solar power plants in Azerbaijan.
The ADB said in its press release that the power plants will be located in Bilasuvar and Neftchala districts, less than 140 km from the capital Baku.
Once completed, the solar power plants are expected to add 760 megawatts of clean energy capacity, offsetting about 725,000 tons of carbon dioxide emissions annually and tripling the country's solar energy capacity, the Manila-based bank said.
"By harnessing Azerbaijan's solar potential, we are enhancing the country's energy security and providing a model for sustainable development that can be replicated across the region," said ADB Director General for Private Sector Operations Department Suzanne Gaboury.
"The Bilasuvar and Neftchala power plants clearly demonstrate the potential of the country's dynamic energy sector to catalyze the private sector and mobilize international investors," Gaboury said.
Established in 2006, Masdar is the Abu Dhabi government's primary vehicle for investing in global renewable energy and sustainable development projects. Masdar has an aggregate operational and under-development generation capacity of more than 20 gigawatts from renewable energy projects worldwide and aims to expand its portfolio to 100 gigawatts by 2030. ■