Masdar and SOCAR achieve financial close for 760MW solar projects in Azerbaijan
Author: PPD Team Date: November 21, 2024
Masdar and SOCAR Green have achieved financial close for two solar projects in Azerbaijan: the 445MW Bilasuvar plant and the 315MW Neftchala plant, with a combined capacity of 760MW.
The total investment for the projects exceeds $600 million, funded by the European Bank for Reconstruction and Development, the Asian Development Bank, and the Asian Infrastructure and Investment Bank.
The financial agreements were signed during the COP29 conference in November 2024 in Baku, Azerbaijan. Groundbreaking for both projects took place earlier at Baku Energy Week in June, with construction expected to be completed by Q1 2027.
Masdar CEO Mohamed Jameel Al Ramahi emphasized Azerbaijan’s strategic importance and Masdar’s commitment to supporting the nation’s clean energy goals. This follows Masdar’s earlier success with the 230MW Garadagh solar plant, launched in October 2023, and its broader agreement to develop 10GW of renewable energy projects in Azerbaijan.
SOCAR president Rovshan Najaf highlighted the milestone as a testament to the strength of the Masdar-SOCAR partnership, driving diversification of energy sources and advancing sustainable development goals.