Abu Dhabi Future Energy Company (Masdar) has announced a financial close with SOCAR Green, a subsidiary of the State Oil Company of Azerbaijan Republic (SOCAR), for the implementation of the Bilasuvar solar projects in Azerbaijan.
According to Amac News: Based on a statement from Masdar, the cost of these two projects, expected to exceed USD 600 million, will be financed by the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB).
The agreements were signed on the sidelines of COP29 in Baku, with the presence of the Minister of Energy of Azerbaijan and officials from Masdar and EBRD.
Masdar and SOCAR Green began construction of the Bilasuvar and Neftchala solar parks in June 2024.
The projects are expected to be completed by the first quarter of 2027.
These projects will have a total capacity of 760 megawatts of solar energy.