Masdar and SOCAR Green have reached financial close for the 445MW Bilasuvar and 315MW Neftchala solar projects in Azerbaijan. These projects, with a combined capacity of 760 megawatts (MW), are expected to contribute to Azerbaijan’s renewable energy goals.
The European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure and Investment Bank (AIIB) are providing financing for the projects. The total cost of the projects is estimated to exceed $600 million.
The financing agreements were signed during COP29 in Baku. Representatives from Masdar, SOCAR Green, EBRD, ADB, and AIIB participated in the signing. Construction of the solar projects began in June 2024 during a ceremony at Baku Energy Week. The projects are expected to be completed by the first quarter of 2027.
The Bilasuvar and Neftchala solar parks will contribute to Azerbaijan’s renewable energy capacity. They aim to support the country’s energy transition and reduce carbon emissions. Masdar’s first project in Azerbaijan, the 230MW Garadagh solar plant, was inaugurated in 2023.
Masdar and SOCAR Green have also signed agreements to explore further renewable energy developments in Azerbaijan. These include onshore wind, solar power, and integrated offshore wind and green hydrogen projects, with a combined capacity of 10GW.
These projects highlight the role of international partnerships in developing renewable energy infrastructure. Azerbaijan continues to focus on diversifying its energy sources and increasing its share of clean energy in the power sector.
