Azerbaijan is a very attractive and open country for foreign investment, President Ilham Aliyev said at the ceremony of laying the foundation of the Garadagh solar power plant.
The power plant with a capacity of 230 MW will be built in Azerbaijan by the Masdar company of the United Arab Emirates (UAE).
"Today is a very significant day in the energy sector of our country. Today, the foundation of the Garadagh solar power plant is being laid. I sincerely congratulate you and the entire Azerbaijani people on this event. This is a significant event. The 230-megawatt power plant will meet our country's growing energy needs, as well as expand our export potential," the president noted.
The investment cost of the Garadagh Solar Power Plant to be built in Azerbaijan is $225 million, Minister of Energy and Infrastructure of the United Arab Emirates Suhail Al Mazrouei said on Tuesday.
He made the statement at a press conference following a groundbreaking ceremony for the 230 MW Garadagh Solar Power Plant to be built in Azerbaijan by UAE’s Masdar company.
The minister noted that the construction of the plant is planned to be completed in a year and a half.
Al Mazrouei also praised Azerbaijan’s successful policy in the field of green energy.