Masdar and SOCAR Green secure funding for 760 MW solar projects in Azerbaijan

Masdar and SOCAR Green have secured financing for two solar projects in Azerbaijan: 445 MWac in Bilasuvar and 315 MWac in Neftchala. The European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB), and Asian Infrastructure Investment Bank (AIIB) are backing the projects, with total costs exceeding $600 million.

Furthermore, agreements were signed at COP29 in Baku. The construction is expected to be completed by the first quarter of 2027. The projects mark a significant step in expanding Azerbaijan’s renewable energy capacity.

In November 2023, ACWA Power, Masdar, and SOCAR signed a memorandum of understanding (MoU) to develop 500 MW of renewable energy projects in Azerbaijan’s Nakhchivan Autonomous Republic, aiming to support decarbonization and the country’s net-zero goals.