Masdar signs shareholder agreement with Georgia Energy Development Fund for solar power plant construction

The report quoted Masdar as saying that Masdar (UAE) and the Georgian Energy Development Fund (GEDF) signed a shareholder agreement on the plan to build Georgia’s largest solar power plant (SPP).

“Masdar and GEDF have made progress in their cooperation in the implementation of Georgia’s largest solar energy scheme. The parties within the framework of the World Future Energy Summit [April 16-18]A shareholders agreement was signed to construct solar photovoltaic plants with a capacity of up to 100 MW.

The company made it clear that by establishing a specialized working mechanism, all parties to the contract will assume the obligations of project development, design work implementation, financing, procurement, construction, power station operation and maintenance.

Masdar and GEDF signed an agreement on December 26, 2023 to establish a joint venture company responsible for implementing the largest solar power plant plan in Georgia. The next step is to sign a memorandum of understanding with the Georgian government and conduct a feasibility study. The power plant will have a capacity of 96 MW. The estimated annual power generation is 196.7 million kWh. The cost of the project is estimated at $87 million. Georgia’s Ministry of Economy says a new solar power plant planned for the city of Gardabani will reduce dependence on imports and diversify local sources of electricity supply. The program 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 European Union.

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