Masdar, Georgian Energy Dev't Fund ink shareholder agreement on construction of solar power plant

Masdar (UAE) and the Georgian Energy Development Fund (GEDF) signed a shareholder agreement on the project to build the largest solar power plant (SPP) in Georgia, Report informs, citing Masdar.

“Masdar and GEDF have made progress in cooperation on the implementation of the largest solar energy project in Georgia. The parties, within the framework of the World Future Energy Summit [April 16-18], signed a shareholder agreement for the construction of a solar photovoltaic plant with a capacity of up to 100 MW,” Masdar says.

The company clarifies that by creating a special working mechanism, the parties to the contract will undertake obligations for the development of the project, implementation of design work, financing, procurement, construction, operation and maintenance of the station.

Masdar and GEDF signed an agreement on December 26, 2023 to create a joint company that will implement the largest solar power plant project in Georgia. The next step was to sign a memorandum with the Georgian government and conduct a feasibility study. The power plant's capacity will be 96 MW. Its estimated annual output is 196.7 million kWh. The cost of the project was estimated at $87 million. According to the Georgian Ministry of Economy, the new solar power plant, which is planned to be built in the Gardabani municipality, will reduce dependence on imports and diversify local electricity supply sources. The project will also contribute to the achievement of goals related to the development of renewable energy, the prevention of climate change, and the country's fulfillment of its obligations under the Association Agreement with the EU.

Masdar is a UAE company that is a global leader in renewable energy and urban development and operates in 40 countries.