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Masdar and SOCAR finalize financing for 760 MW solar projects in Azerbaijan

Masdar and SOCAR Green have closed the financing for two solar parks with a total capacity of 760 MW in Azerbaijan, a strategic project valued at USD 600 million and supported by multiple international financial institutions.

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Masdar, the UAE’s leader in clean energy, and SOCAR Green, a subsidiary of the State Oil Company of Azerbaijan Republic (SOCAR) dedicated to sustainable projects, have confirmed the financial close for two major solar projects in Azerbaijan. These include a 445 MW plant in Bilasuvar and a 315 MW plant in Neftchala.

The financing, totaling more than USD 600 million, was secured through agreements with three major international financial institutions: the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB).

The agreements were signed during COP29, held in Baku, and witnessed by key officials, including H.E. Parviz Shahbazov, Azerbaijan’s Minister of Energy, and Dr. Sultan Al Jaber, Chairman of Masdar and UAE Minister of Industry and Advanced Technology.

A key project for the energy transition

These solar installations, scheduled to be operational by the first quarter of 2027, are set to support Azerbaijan’s ambitious energy transition goals. They represent a strategic partnership between the UAE and Azerbaijan, aimed at accelerating renewable energy adoption and reducing carbon emissions.

According to H.E. Parviz Shahbazov, these projects reflect international investors’ confidence and Azerbaijan’s commitment to green energy. “The solar power plants will play a crucial role in our energy transition, reducing emissions and consolidating our position as a pioneer in green energy,” he stated.

A strategic international partnership

Construction of the two solar plants began in June 2024 during Baku Energy Week. This initiative marks another milestone following Masdar’s completion of the Garadagh solar plant, the largest in the country to date.

Masdar CEO Mohamed Jameel Al Ramahi emphasized the importance of these projects in supporting Azerbaijan’s clean energy targets. “These two plants showcase our ability to mobilize resources and partnerships to achieve ambitious clean energy goals,” he said.

Rovshan Najaf, President of SOCAR, highlighted the strategic value of this collaboration. “This partnership with Masdar exemplifies our shared vision and commitment to diversifying energy sources and promoting sustainable development,” he said.

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