Masdar, SOCAR Green secure funding for Azerbaijan solar projects

Image credit: Emirates News Agency

Abu Dhabi Future Energy Company (Masdar) and SOCAR Green said on Sunday that they have secured financing for the 445MW Bilasuvar and 315MW Neftchala solar projects in Azerbaijan.

The solar projects are being funded by the European Bank for Reconstruction and Development, the Asian Development Bank, and the Asian Infrastructure and Investment Bank (AIIB), with the total cost expected to be above $600m.

Masdar and SOCAR Green broke ground on the Bilasuvar and Neftchala solar parks in June 2024, and construction is expected to be completed by the first quarter of 2027.

Masdar, committed to supporting Azerbaijan’s energy transition, has signed agreements to develop 10GW of onshore wind and solar projects, as well as integrated offshore wind and green hydrogen projects.

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

Meanwhile, Masdar also signed a Power Purchase Agreement (PPA) for its 1GW wind farm project in Kazakhstan, marking a significant step in the clean energy firm’s efforts to expand its global renewable energy footprint.

The 1GW wind farm is set to be one of the largest renewable energy projects in Central Asia and the Commonwealth of Independent States region. Located in the Jambyl region in southern Kazakhstan, the project will play a crucial role in supporting the country’s energy transition and advancing its renewable energy infrastructure.

The wind farm project is Masdar’s inaugural venture in Central Asia’s largest economy and builds on the company’s expansive global operations.

Masdar has invested in renewable projects around the world at different stages of development, with an overall capacity of roughly 20 GW and a value of more than $30bn. The company expects Europe to be a key contributor to reaching its 100 GW capacity target by 2030.

Read: Masdar, Iberdrola complete Baltic Eagle wind farm turbine installation