- Projects: Financing secured for 445MW Bilasuvar and 315MW Neftchala solar parks, with total costs exceeding USD 600 million.
- Timeline: Construction to conclude by Q1 2027.
- Partnerships: Agreements with EBRD, ADB, and AIIB signed at COP29 in Baku.
BAKU, Azerbaijan – November 17, 2024: Abu Dhabi Future Energy Company PJSC – Masdar, in collaboration with SOCAR Green, has reached financial close for two major solar projects in Azerbaijan, marking a pivotal step in advancing renewable energy in the region.
The 445MW Bilasuvar and 315MW Neftchala projects, backed by EBRD, ADB, and AIIB, represent a combined investment of over USD 600 million. Agreements were formalized at COP29 in Baku, witnessed by key leaders, including H.E. Parviz Shahbazov, Azerbaijan’s Minister of Energy, and Masdar COO Abdulaziz Al Obaidli.
Masdar broke ground on the projects during Baku Energy Week in June 2024. Construction is set for completion by early 2027, supporting Azerbaijan’s transition to cleaner energy.
Statements:
- H.E. Dr. Sultan Al Jaber, Masdar Chairman: “This partnership underscores our commitment to delivering affordable, clean energy while advancing UAE’s renewable goals to triple capacity by 2030.”
- H.E. Parviz Shahbazov, Azerbaijan’s Minister of Energy: “This milestone reflects investor confidence and accelerates our green energy goals.”
- Mohamed Jameel Al Ramahi, Masdar CEO: “Azerbaijan is a strategic market, and we remain committed to supporting its clean energy ambitions.”
- Rovshan Najaf, SOCAR President: “This collaboration signifies meaningful progress in diversifying energy sources and achieving sustainability targets.”
Masdar’s ongoing projects in Azerbaijan include onshore and offshore renewables and green hydrogen initiatives, aiming for a combined capacity of 10GW. With over 40 global partnerships, Masdar plans to scale its renewable portfolio to 100GW and lead in green hydrogen production by 2030.
