Abu Dhabi’s Masdar and Azerbaijan’s SOCAR Green have achieved financial close for two landmark solar projects in Azerbaijan—the 445 MW Bilasuvar and 315 MW Neftchala facilities.
The projects, financed by the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB), represent a combined investment of over $600 million.
The agreements, signed during COP29 in Baku, were witnessed by high-profile dignitaries, including H.E. Parviz Shahbazov, Azerbaijan’s Minister of Energy, and Masdar’s COO, Abdulaziz AlObaidli. Construction of the solar parks, which began in June 2024, is expected to be completed by the first quarter of 2027.
The projects are a major milestone in Azerbaijan’s renewable energy journey. H.E. Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Masdar’s Chairman, stressed the importance of partnerships in achieving climate goals.
“This agreement underscores our shared commitment to driving low-carbon socioeconomic progress while advancing the historic UAE Consensus goals of tripling renewable energy capacity by 2030,” he said.
Azerbaijan’s Minister of Energy, H.E. Parviz Shahbazov, highlighted the projects’ role in the country’s energy transition. “These solar power plants represent a crucial step toward becoming a ‘green energy’ country, reducing emissions, and advancing our renewable energy targets,” he stated.
Masdar CEO Mohamed Jameel Al Ramahi noted Azerbaijan’s importance as a strategic market, building on the successful completion of the 230 MW Garadagh solar plant in 2023. “These projects reflect our dedication to helping Azerbaijan meet its clean energy goals,” he said.
SOCAR President Rovshan Najaf described the partnership with Masdar as transformative. “The financial close of these solar projects marks a historic milestone, underscoring our commitment to diversifying energy sources and driving sustainable development,” he commented.
The projects are part of Masdar’s growing portfolio in Azerbaijan, which includes agreements for 10 GW of renewable energy capacity spanning onshore wind, solar, offshore wind, and green hydrogen.
SOCAR Green, established in 2024, is driving Azerbaijan’s renewable ambitions through strategic partnerships and large-scale projects.
Masdar, founded in 2006, is a global leader in renewable energy, with projects in over 40 countries. It aims to expand its renewable energy portfolio to 100 GW and become a leading producer of green hydrogen by 2030.
SOCAR Green’s collaboration with Masdar reinforces Azerbaijan’s role in the global energy transition, showcasing how strategic investments can accelerate climate action and economic growth.
