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Asian Development Bank, Asian Infrastructure Investment Bank will also fund the solar sites in Azerbaijan
The European Bank for Reconstruction and Development (EBRD) has announced the financing of two utility-scale solar projects in Azerbaijan with a combined capacity of 760MW.
The investment with the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) was announced at COP29 in Baku.
The three multilateral development banks will each provide US$160m to Masdar and SOCAR Green.
They have already broken ground on the 445MW and 315MW solar parks in Bilasuvar and Neftchala, which they plan to commission in 2027.
This capacity represents a significant step towards achieving Azerbaijan’s goal of increasing renewable energy’s share of total power generation to 30% by 2030.
Managing director of the EBRD’s Sustainable Infrastructure Group Nandita Parshad said: “We are very pleased to be financing these solar plants, the largest to date in the Caucasus, saving over 600,000 tonnes of CO2 annually.
“In addition to the real-world impact of powering up to 300,000 homes with green energy, this significant investment will transform the entire renewable energy market in the region.”
The EBRD said it is a leader in financing climate action and mobilising private-sector finance across its economies.
In 2023 alone, it provided over €6.5bn in green financing, with that funding accounting for 50% of its total investment.
The EBRD is also the largest institutional investor in the Caucasus and has worked in Azerbaijan for over 30 years, it added.
The bank has invested more than €3.7bn in Azerbaijan through 191 projects – including the country’s first utility-scale solar power plant, which was recently commissioned by Masdar.
In total, the EBRD has now financed more than 1.2 GW of renewable energy capacity in Azerbaijan. |
