| Work Detail |
The total investment for the two solar parks will exceed $600m.
Masdar and SOCAR Green have achieved financial close for two solar projects in Azerbaijan.
The 445MW Bilasuvar plant and the 315MW Neftchala plant have a combined capacity of 760 MW.
The total investment for the two solar parks will exceed $600m and is to be provided by the European Bank for Reconstruction and Development, the Asian Development Bank and the Asian Infrastructure and Investment Bank.
The financial agreements for the Bilasuvar and Neftchala solar projects were signed during November 2024’s COP29 conference in Baku, Azerbaijan.
The groundbreaking ceremony for both solar parks took place at Baku Energy Week in June.
Construction will be completed by the first quarter of 2027.
Masdar CEO 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.”
Masdar is committed to Azerbaijan’s energy transition, with agreements to develop 10GW of onshore wind, solar, offshore wind and green hydrogen projects.
The company’s first project in Azerbaijan, the 230MW Garadagh solar plant, was launched in October 2023.
SOCAR president Rovshan Najaf stated: “SOCAR and Masdar have today achieved a historic milestone, capitalising on the strength of their strategic partnership and shared vision.
“The financial close of two solar projects with a combined capacity of 760MW marks a significant step forward in our commitment to diversifying energy sources and advancing our sustainable development goals.
“This partnership with Masdar exemplifies the forward-looking and collaborative approach essential to driving meaningful progress in the energy sector.” |
