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Masdar, the UAE’s leading clean energy company, and SOCAR Green, the renewable energy arm of Azerbaijan’s SOCAR, have achieved financial close for two major solar projects: the 445 MW Bilasuvar and 315 MW Neftchala plants. The projects, valued at over $600 million, mark a significant step in Azerbaijan’s clean energy transition.
Global Collaboration Fuels Green Energy Development
The financing for these projects is supported by the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure and Investment Bank (AIIB). Agreements were signed on the sidelines of COP29 in Baku, witnessed by top officials, including Azerbaijan’s Minister of Energy, Parviz Shahbazov, and Masdar COO Abdulaziz Al-Obaidli.
“Long-term investments and partnerships unlock critical climate finance and clean energy capacity,” said Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology. He emphasized the UAE and Azerbaijan’s shared commitment to delivering affordable renewable energy and achieving the ambitious goals of the ‘UAE Consensus’ to double renewable energy capacity by 2030.
Pioneering Renewable Energy in Azerbaijan
Construction of the Bilasuvar and Neftchala projects began during Baku Energy Week in June 2024. Completion is slated for Q1 2027. Shahbazov highlighted the importance of these projects in achieving Azerbaijan’s renewable energy goals, noting they will reduce carbon emissions and advance the country’s vision of becoming a “green energy” hub.
Masdar CEO Mohamed Jameel Al Ramahi called Azerbaijan a “key strategic market” and reaffirmed Masdar’s commitment to supporting the country’s clean energy ambitions. Rovshan Najaf, Chairman of SOCAR, praised the milestone as a testament to the strength of Masdar and SOCAR’s partnership in driving sustainable energy solutions.
Expanding Renewable Energy Horizons
The collaboration between Masdar and SOCAR Green reflects a shared vision to diversify energy sources and promote sustainability. Masdar, a global leader in renewable energy, has projects in over 40 countries and aims to expand its renewable energy portfolio to 100 GW by 2030. Its first project in Azerbaijan, the 230 MW Garadag solar plant, was inaugurated in October 2023. |
