Global law firm White & Case LLP has advised the Ministry of Energy of the Republic of Azerbaijan on a 230-megawatt utility-scale solar photovoltaic (PV) project, which will be developed by Masdar.
"This project is Azerbaijan's first foreign investment-based independent solar project and is structured as a public-private partnership," said White & Case partner Mukund Dhar, who co-led the Firm's deal team. "It is our second time advising the Republic on a major utility scale project this year and closely follows our work with the Republic advising on a US$300 million 240 MW wind power project announced in March 2021."
The 230MW solar PV project will be located nine kilometres northwest of the Alat settlement situated close to the southwest area of the capital city Baku, and will be financed, developed and operated by Masdar. It is expected to start commercial operations in early 2023. Once online, it will help to generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 homes, and will reduce emissions by 200,000 tons a year.
White & Case partner Kamilla Azamat, who co-led the Firm's deal team, said: "This is the second important renewable energy project for Azerbaijan as it looks to increase its installed power capacity to 30 percent from renewable energy sources by 2030, diversify its economy and reduce greenhouse gas emissions."
The White & Case team in London which advised on the transaction was led by partners Mukund Dhar and Kamilla Azamat and included associates Alex Field and Bruna Beloso. Omni Law Firm partners Roman Alloyarov, Afag Abdullayeva and Ismail Zargarli and associate Nigar Alimardanli advised on Azerbaijan law matters.
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