Masdar reach financial close for Azerbaijan solar schemes

18 November 2024

Abu Dhabi Future Energy Company (Masdar) and Azerbajan’s Socar Green have reached financial close for the 445MW Bilasuvar and 315MW Neftchala solar projects in Azerbaijan.

European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB) and Asian Infrastructure and Investment Bank (AIIB) are financing the two solar projects, which are expected to cost more than $600m.

Masdar and Socar Green broke ground on the Bilasuvar and Neftchala solar parks in June 2024.

According to Masdar, construction on the projects is due to be completed by the first quarter of 2027.

Socar is a wholly-owned subsidiary of Azerbaijan's oil and gas firm Socar dedicated to sustainable projects.

On 15 November, Masdar announced signing a preliminary agreement with Socar Green and Saudi-listed Acwa Power to develop 3.5GW of offshore wind projects in the Azerbaijan section of the Caspian Sea.

The potential projects would be Azerbaijan’s first offshore wind farms. They will complement existing renewable energy plants developed by Masdar and Acwa Power in Azerbaijan.

Photo credit: Masdar

 

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Jennifer Aguinaldo
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