BAKU, Azerbaijan, November 16. 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, Trend reports via the country's Ministry of Energy.
The ministry pointed out that 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 emphasized that 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," he explained.
Masdar's CEO, Mohammed Jameel Al-Ramahi, expressed pleasure with signing the financial agreements for these two major solar energy projects.
"This is an important step following the completion of the largest solar power plant in the country in Garadagh. The Azerbaijani market is strategically important to us, and we are committed to supporting the country in achieving its ambitious clean energy goals," he stressed.
The ministry reminded that on June 4 of this year, during Baku Energy Week and with the participation of the President of Azerbaijan, Ilham Aliyev, the foundation-laying ceremony for the plants took place.
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