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) project in the country with a capacity of up to 100 megawatts (MW). The project, which will be jointly developed with GEDF, will be Georgia’s largest solar power plant.
The Joint Development Agreement (JDA) was signed in the presence of HE Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and HE Natela Turnava, Minister of Economy and Sustainable Development from Georgia, at a ceremony yesterday at the Leadership Pavilion at Expo Dubai. The JDA was signed by Mohamed Jameel Al Ramahi, CEO of Masdar, and Giorgi Chikovani, CEO of GEDF.
George Chikovani, CEO of GEDF, said: “Georgia is firmly following its path and, in line with the country’s strategy, continues to use renewable energy sources. This agreement, which aims to develop a solar project with one of the world leaders in renewable energies, is a prerequisite for achieving the priority objectives of the State’s energy policy. The development of similar projects will enhance Georgia’s energy security, contribute to the diversification of energy sources and increase the share of renewable energies in the electricity generation mix.
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “This landmark deal will support Georgia’s energy diversification efforts and make a positive contribution to climate action. As a global leader in renewable energy, with projects in nearly 40 countries, we look forward to working with the Georgian Energy Development Fund and the Government of Georgia on other renewable energy opportunities and will leverage our experience to support the country’s economic development.
Masdar and GEDF will jointly advance the development of the project, which is being carried out as part of a larger framework agreement signed with GEDF this year to develop renewable energy projects in the Eurasian nation. GEDF is a joint stock company, founded by the Ministry of the Economy and Sustainable Development, and 100% owned by the State. Georgia, which depends primarily on hydropower for power generation, seeks to improve its energy security and diversify its energy mix.