International law firm Clifford Chance has advised ADB, ADFD, EBRD and JICA as lenders to a 230 MW photovoltaic solar power project in Alat, Azerbaijan. The project was developed by leading renewable energy company, Masdar. The lender consortium committed long-term financing of USD 114.2 million.
The project marks the first privately owned, utility-scale solar power facility in Azerbaijan. Once built, Masdar estimates that it will be able to generate more than half a billion kilowatt-hours of electricity annually, which it projects to be enough to meet the energy needs of more than 110,000 homes and to reduce CO2 emissions by over 200,000 tonnes a year. The project forms a key milestone in Azerbaijan’s drive to increase the share of renewables in its nationwide installed power capacity to 30 percent by 2030, and it is expected to be used as a model for similar projects in the region.
Lead partner Milica Zatezalo-Falatar comments: “It is wonderful to work on this market-leading project with a group of lenders and a sponsor dedicated to clean energy development and financing. It demonstrates our Firm’s commitment to assist in the renewable energy transition globally and specifically in Central Asia and Caucasus regions.”
The Clifford Chance, cross office team in our Paris and London offices also included Partners Sandy Hall and Bruce Kahl, Counsel Fabien Jacquemard, Senior Associate Sturan Murray, and Associates Violaine Lecoq Burgelin, Edward Charlton-Jones, Jonathan Forrest, Walter Myer and Elena Prudo.
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