RIYADH: The UAE-government owned renewable energy company Masdar has launched its first foreign investment-based independent solar power plant in Azerbaijan, according to a statement. Also referred to as the Garadagh Solar PV, the 230 MW plant marks a major milestone for Azerbaijan’s clean energy transition journey. The plant, which is set to open in 2023, will generate up to 500 million kilowatt-hours of electricity per year. This is enough electricity to cater to an estimated 110,000 homes. With such production capacity, emissions will be reduced by more than 200,000 tons annually. The plant falls in line with Azerbaijan’s goal to increase the proportion of its installed power capacity coming from renewable sources to 30 percent by 2030. “The UAE and Masdar look forward to continuing to drive foreign direct investment and supporting Azerbaijan on its ambitious clean energy journey as we explore more opportunities to further strengthen our partnership,” the statement said, citing the UAE’s Minister of Energy and Infrastructure Suhail Al Mazrouei. Masdar has signed a total of four Memorandums of Understandings related to the development of clean energy projects in Azerbaijan.