The Emirati renewable company Masdar and Azerbaijani oil and gas group SOCAR have achieved financial close for two solar projects in Azerbaijan totalling 760 MW. The financing was secured on the sidelines of COP29 in Baku for the 445 MW Bilasuvar project and the 315 MW Neftchala project, both located in southern Azerbaijan.
The European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB) and the Asian infrastructure and Investment Bank (AIIB) are financing the two solar projects, with the total cost expected to be more than US$600m. The construction of the projects started in June 2024 and is scheduled for completion by the first quarter of 2027.
Azerbaijan’s installed capacity stood at 6.7 GW at the end of 2023, with thermal accounting for 75%, hydropower for 20%, solar for 4% and wind for 1%. The country aims to increase the share of renewables in its power capacity up to 30% by 2030.
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