Masdar launches Azerbaijani solar project and lines up more: Masdar launched the operations of its Garadagh Solar Park in Azerbaijan — the largest in the region and the first independent solar project to receive foreign investment — and inked agreements for 1 GW of solar and onshore wind projects in the country, according to a statement released on Thursday. Azerbaijan aims to generate more than 30% of its overall energy capacity from renewables by 2030.

The details: The plant — Masdar’s first project in the country — will generate 500 mn kWh of clean energy a year powering 110k homes and reducing 200k of CO2. The project is co-financed by the Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development, and Japan International Cooperation Agency. The renewables giant plans to repay financing through a debut green bond issuance next year.

More in the pipeline: Masdar signed agreements with Azerbaijan to develop solar and onshore wind projects with a total capacity of 1 GW in the country, the statement notes. This forms part of a broader agreement to install 10 GW of clean energy projects — including onshore and offshore wind farms, solar farms and green hydrogen — in the Central Asian country.

Masdar’s portfolio in the country is booming: The company signed an agreement with Azerbaijan’s state oil firm SOCAR to develop renewables projects with a combined capacity of 4 GW in January. These include the joint development of offshore wind energy and hydrogen projects with a capacity of 2 GW, solar photovoltaic energy projects with a capacity of 1 GW, and 1 GW of onshore wind energy.