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Masdar secures funding for Azerbaijan solar projects

By Pramod Kumar
Masdar and Socar began construction of the two solar projects in Azerbaijan in June 2024 Rostislav Zatonskiy/Alamy via Reuters
Masdar and Socar began construction of the two solar projects in Azerbaijan in June 2024

Abu Dhabi Future Energy Company (Masdar) and Socar Green, a wholly-owned subsidiary of the State Oil Company of the Republic of Azerbaijan (Socar), have achieved financial closure for two $600 million large-scale solar projects in Azerbaijan.

The projects, comprising the 445 megawatt (MW) Bilasuvar and 315MW Neftchala solar plants, are being funded by the European Bank for Reconstruction and Development, the Asian Development Bank and the Asian Infrastructure and Investment Bank, state-run Wam news agency reported.

Construction of the solar projects commenced in June 2024, with completion targeted by the first quarter of 2027.

Dr. Sultan bin Ahmed Al Jaber, chairman of Masdar, said that long-term investments and partnerships are the driving force for unlocking vital climate finance and new clean energy capacity.

Parviz Shahbazov, Minister of Energy for the Republic of Azerbaijan, added that the solar power plants will play a crucial role in accelerating the country’s energy transition, reducing carbon emissions, and advancing the goal of becoming a green energy nation.

Masdar has signed agreements to develop onshore wind and solar projects and integrated offshore wind and green hydrogen projects with a combined capacity of 10 gigawatts. 

The company’s first project in Azerbaijan, the 230MW Garadagh solar plant, was inaugurated in October 2023.

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