Masdar and SOCAR Green to Support 760MW Solar Projects in Azerbaijan
Masdar is supporting several renewable energy projects worldwide and aims to triple its capacity by 2030.
SOCAR Green is helping Azerbaijan move towards solar, wind, and green hydrogen production at a large scale.
Masdar, a UAE-based global leader in renewable energy and green hydrogen, has collaborated with SOCAR Green, a renewable energy company in Azerbaijan, to build upon two solar power plants in Azerbaijan.
The companies have reached financial close on the 445MW Bilasuvar and 315MW Neftchala solar projects, which were completed on the sidelines of COP29 in Baku.
For this purpose, they have secured over $600 million in funding from EBRD, ADB, and AIIB. The project started in June 2024 and is expected to be finished by 2027.
The project is important because it aligns with Azerbaijan's energy transition goals of reducing emissions and increasing clean energy production. It also highlights the partnership between two Middle Eastern countries, the UAE and Azerbaijan, in their global efforts to fight against climate change and achieve renewable energy targets.
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."
Rovshan Najaf, President of SOCAR, said: "SOCAR and Masdar have today achieved a historic milestone, capitalizing on the strength of their strategic partnership and shared vision. The financial close of two solar projects with a combined capacity of 760MW marks a significant step forward in our commitment to diversifying energy sources and advancing our sustainable development goals. This partnership with Masdar exemplifies the forward-looking and collaborative approach essential to driving meaningful progress in the energy sector."
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Source: Masdar
