Masdar, the UAE's leading clean energy company, and Socar Green, a wholly-owned subsidiary of Socar focused on sustainable projects, have finalized the financial arrangements for the 445MW Bilasuvar and 315MW Neftchala solar projects in Azerbaijan. The European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB) are providing the funding for these two solar initiatives, with an estimated total cost exceeding $600 million. The agreements were formalized during COP29 in Baku, witnessed by key figures including Parviz Shahbazov, Azerbaijan's Minister of Energy, Abdulaziz AlObaidli, COO of Masdar, Afgan Isayev, vice-president of Socar, and Harry Boyd-Carpenter, managing director of climate strategy and delivery at EBRD.
The signing ceremony was led by Abdulla Zayed, director of business & project development at Masdar, Elmir Musayev, general director of Socar Green, Aida Sitdikova, director of energy Eurasia, Middle East, and Africa at EBRD, James Lok, lead investment officer at AIIB, and Mayank Choudhary, director of private sector operations at ADB. Groundbreaking for the Bilasuvar and Neftchala solar parks took place during Baku Energy Week in June 2024, with construction slated for completion by the first quarter of 2027.
Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President, emphasized the importance of long-term investments and partnerships in unlocking climate finance and new clean energy capacity. He highlighted the UAE and Azerbaijan's shared commitment to providing affordable, clean energy, and underscored the UAE's goal to triple renewable energy capacity by 2030.
Shahbazov noted that the financial close for the 760 MW solar power plants is a significant step towards achieving Azerbaijan's renewable energy goals. He praised the successful partnership with Masdar and the confidence shown by international financial institutions in Azerbaijan's energy sector. Masdar CEO Mohamed Jameel Al Ramahi expressed satisfaction with the financing agreements for the two major solar projects in Azerbaijan, emphasizing the company's commitment to helping the country reach its clean energy targets.
Rovshan Najaf, president of Socar, celebrated the historic milestone achieved with Masdar, highlighting the strategic partnership's role in advancing sustainable development goals. Masdar has also signed agreements to develop 10GW of onshore wind and solar projects, as well as integrated offshore wind and green hydrogen projects. Its first project in Azerbaijan, the 230MW Garadagh solar plant, was inaugurated in October last year.
Masdar, jointly owned by Taqa, Adnoc, and Mubadala, aims to reach a renewable energy portfolio capacity of 100GW by 2030 and become a leading producer of green hydrogen. Since its inception in 2006, Masdar has been pivotal in advancing the UAE's sustainability and climate action goals, developing projects in over 40 countries.
Established in 2024, Socar Green is a wholly-owned subsidiary of Socar, dedicated to driving Azerbaijan's transition to renewable energy through large-scale solar, wind, and green hydrogen projects. Through strategic partnerships, Socar Green supports Azerbaijan's national climate targets and global sustainability efforts.
Masdar (Abu Dhabi Future Energy Company) is one of the world's fastest-growing renewable energy companies, pioneering the development of solar, wind, geothermal, battery storage, and green hydrogen technologies to accelerate the global energy transition.
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