Masdar and SOCAR Green Secure Financial Close for 760MW Solar Projects in Azerbaijan.

Baku: Abu Dhabi Future Energy Company (Masdar) and SOCAR Green, a subsidiary of SOCAR focused on sustainable initiatives, have successfully achieved financial close for two solar projects in Azerbaijan, with capacities of 445MW at Bilasuvar and 315MW at Neftchala. These projects mark a significant stride in Azerbaijan's renewable energy landscape.According to Emirates News Agency, the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure and Investment Bank (AIIB) are financing these solar projects, which carry a total projected cost exceeding USD 600 million. The agreements were officially signed during COP29 in Baku, witnessed by notable figures including Parviz Shahbazov, Azerbaijan's Minister of Energy, and Abdulaziz AlObaidli, COO of Masdar.The signing ceremony featured representatives such as Abdulla Zayed from Masdar, Elmir Musayev from SOCAR Green, Aida Sitdikova from EBRD, James Lok from AIIB, and Mayank Choudhary from ADB. Groundb reaking for the Bilasuvar and Neftchala solar parks occurred during Baku Energy Week in June 2024, with project completion expected by the first quarter of 2027.Dr. Sultan bin Ahmed Al Jaber, Chairman of Masdar, highlighted the importance of long-term investments and partnerships for advancing climate finance and clean energy capacity. He emphasized the UAE and Azerbaijan's commitment to providing affordable clean energy and pursuing ambitious renewable energy targets.Parviz Shahbazov, Azerbaijan's Minister of Energy, acknowledged the significance of achieving financial close for these solar projects in advancing Azerbaijan's renewable energy goals. He emphasized the projects' role in the country's energy transition and carbon emission reduction efforts.Masdar CEO Mohamed Jameel Al Ramahi expressed satisfaction with the financing agreements, citing Azerbaijan as a strategic market for Masdar's clean energy ambitions. Rovshan Najaf, President of SOCAR, noted the milestone achievement as a testament to th e strategic partnership between SOCAR and Masdar, emphasizing the projects' contribution to diversifying energy sources and sustainable development.Masdar remains committed to supporting Azerbaijan's energy transition, with plans to develop additional onshore wind, solar, and integrated offshore wind and green hydrogen projects totaling 10GW. The 230MW Garadagh solar plant, Masdar's first project in Azerbaijan, was inaugurated in October of the previous year.