In the background of COP29, Abu Dhabi Future Energy Company PJSC (Masdar) and SOCAR Green have finalised financial agreements for two solar projects in Azerbaijan: the 445 MW Bilasuvar and 315 MW Neftchala plants.
The European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure and Investment Bank (AIIB) are financing the projects, with a total cost exceeding $600m.
The agreements were formalised during COP29 in Baku, witnessed by key officials, including Azerbaijan’s Minister of Energy, H.E. Parviz Shahbazov, and representatives from Masdar, SOCAR, and the financing institutions.
Construction of the solar plants, which began in June 2024 during Baku Energy Week, is expected to conclude by the first quarter of 2027.
Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, says: “Long-term investments and partnerships are the driving force for unlocking vital climate finance and new clean energy capacity.
“This agreement underscores our dedication to driving low-carbon socio-economic progress and achieving the UAE Consensus goal of tripling renewable energy capacity by 2030.”
Parviz Shahbazov highlights the significance of the milestone, adding: “Reaching financial close for the 760 MW solar power plants marks a significant milestone in achieving Azerbaijan’s renewable energy sector goals.
“These plants will play a crucial role in accelerating our energy transition.”
Furthermore, Masdar CEO Mohamed Jameel Al Ramahi notes Azerbaijan as a “key strategic market,” expressing commitment to its clean energy targets.
