Masdar, the UAE’s leading clean energy company, and SOCAR Green, a subsidiary of SOCAR focused on sustainability, have reached financial close for two major solar projects in Azerbaijan. The Bilasuvar project will have a 445MW capacity, and the Neftchala project will have a 315MW capacity.
Financial Support from International Banks
The European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB) will finance the projects. The total cost of both solar parks is expected to exceed $600 million. This marks a major step forward in Azerbaijan’s renewable energy goals.
Also read: ADB and Masdar Join Forces to Expand Solar Energy in Azerbaijan
Signing Ceremony at COP29
Officials finalized the agreements for the two solar projects during COP29 in Baku. Several high-ranking officials attended the ceremony. H.E. Parviz Shahbazov, Azerbaijan’s Minister of Energy, and Abdulaziz AlObaidli, COO of Masdar, were present. Afgan Isayev, Vice President of SOCAR, and Harry Boyd-Carpenter, EBRD’s Managing Director, were also in attendance.
Abdulla Zayed, Director of Business & Project Development at Masdar, and Elmir Musayev, General Director of SOCAR Green, signed the agreements. Representatives from the EBRD, AIIB, and ADB also participated in the event.
Also read: Masdar, SOCAR Green, and ACWA Power to Develop Azerbaijan’s First Offshore Wind Farms
Statement from Masdar CEO
Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said:
“We are very pleased to sign financing agreements for these two major solar projects in Azerbaijan, so soon after completing the largest solar plant in the country in Garadagh last year. Azerbaijan is a key strategic market for us, and we are committed to helping the country achieve its ambitious clean energy targets.”
Construction Timeline and Future Outlook
Construction for the Bilasuvar and Neftchala solar parks began during Baku Energy Week in June 2024. The estimated time to complete both projects is by the first quarter of 2027. Once finished, the solar parks will significantly boost Azerbaijan’s renewable energy capacity.
These projects will help Azerbaijan achieve its clean energy goals. Masdar and SOCAR Green are advancing clean energy in the region.