UAE - Masdar signs agreement to develop Georgia's largest utility-scale solar power plant

12/30/2021 2:06:56 PM

(MENAFN- Emirates News Agency (WAM))

ABU DHABI, 30th December, 2021 (WAM) -- Masdar, one of the world's leading renewable energy companies, has signed an agreement with the Georgian Energy Development Fund (GEDF) to develop a solar photovoltaic (PV) power project in the country, with a capacity of as much as 100 megawatts (MW). The project, which will be jointly developed with the GEDF, will be Georgia's largest solar power plant.

The joint development agreement (JDA) was signed in the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Natela Turnava, Minister of Economy and Sustainable Development for Georgia, in a ceremony yesterday at the Leadership Pavilion at Dubai Expo. The agreement was signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Giorgi Chikovani, CEO of the GEDF.

Commenting on the partnership, Al Ramahi said, 'This landmark agreement will support Georgia's energy diversification efforts, and will make a positive contribution on climate action. As a global leader in renewable energy, with projects in almost 40 countries, we look forward to working with the Georgian Energy Development Fund and the Government of Georgia on further renewable energy opportunities and will leverage our experience to support the nation's economic development.'

For his side, Chikovani said, 'Georgia strongly follows its route and in accordance with the country's strategy continues its utilisation of renewable energy sources. This agreement, which aims to develop a solar project with one of the world's leading renewable energy companies, is a precondition for achieving the priority goals and targets of the state energy policy. Development of similar projects will strengthen the energy security of Georgia, contribute to diversification of energy sources and increase the share of renewable energy in the power generation mix.'

Masdar and the GEDF will jointly progress the development of the project, which is being carried out as part of a larger framework agreement signed with the GEDF this year to develop renewable energy projects in the Eurasian nation. The GEDF is a joint stock company, founded by Ministry of Economy and Sustainable Development, and wholly state-owned. Georgia, which primarily relies on hydropower for electricity generation, is looking to enhance its energy security and diversify its energy mix.

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