Financing Agreements for 760MW of Solar Projects were signed

Documents have been signed within COP29 between SOCAR Green LLC, the UAE Masdar company, the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB) for the financing of two solar energy projects in Azerbaijan.
The total cost of the Bilasuvar (445 MW) and Neftchala (315 MW) solar energy projects, being financed by EBRD, ADB, and AIIB, will amount to $670 million.
The plants, commissioning of which is expected in 2027, are projected to generate more than 1.7 billion kilowatt-hours of green energy annually, saving 380 million cubic meters of natural gas per year and reducing carbon emissions by 830,000 tons.
The Azerbaijani Minister of Energy Parviz Shahbazov said: "The final agreement on financing the 760 MW solar power plants is a significant achievement in Azerbaijan's efforts to meet its renewable energy goals. This agreement demonstrates the successful partnership between Azerbaijan and Masdar, as well as the trust of investors and international financial institutions in our country. The solar power plants will make a significant contribution to Azerbaijan's goal of accelerating its energy transition, reducing carbon emissions, and becoming a green energy nation."
Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said: “We are very pleased to sign financing agreements for these two major solar projects in Azerbaijan, so soon after completing the largest solar plant in the country in Garadagh last year. Azerbaijan is a key strategic market for us and we are committed to helping the country achieve its ambitious clean energy targets.”
It should be noted that on 4 June of the current year, within the Baku Energy Week, a groundbreaking ceremony of the stations was held with the participation of the president of the Republic of Azerbaijan Mr. Ilham Aliyev.