{"id":980,"date":"2024-11-17T21:40:09","date_gmt":"2024-11-17T17:40:09","guid":{"rendered":"https:\/\/www.utilitybusinessmena.com\/?p=980"},"modified":"2024-11-17T21:40:09","modified_gmt":"2024-11-17T17:40:09","slug":"masdar-and-socar-green-secure-financing-for-760mw-solar-projects-in-azerbaijan","status":"publish","type":"post","link":"https:\/\/cheeltech.com\/utilitybusinessmena\/electricity\/masdar-and-socar-green-secure-financing-for-760mw-solar-projects-in-azerbaijan","title":{"rendered":"Masdar and SOCAR Green secure financing for 760MW solar projects in Azerbaijan"},"content":{"rendered":"\n

Abu Dhabi\u2019s Masdar<\/a> and Azerbaijan\u2019s SOCAR Green<\/a> have achieved financial close for two landmark solar projects in Azerbaijan\u2014the 445 MW Bilasuvar and 315 MW Neftchala facilities.<\/p>\n\n\n\n

The projects, financed by the European Bank for Reconstruction and Development (EBRD)<\/a>, the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB)<\/a>, represent a combined investment of over $600 million.<\/p>\n\n\n\n

The agreements, signed during COP29 <\/a>in Baku, were witnessed by high-profile dignitaries, including H.E. Parviz Shahbazov, Azerbaijan\u2019s Minister of Energy, and Masdar\u2019s COO, Abdulaziz AlObaidli. Construction of the solar parks, which began in June 2024, is expected to be completed by the first quarter of 2027.<\/p>\n\n\n\n

The projects are a major milestone in Azerbaijan\u2019s renewable energy journey. H.E. Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Masdar\u2019s Chairman, stressed the importance of partnerships in achieving climate goals.<\/p>\n\n\n\n

\u201cThis agreement underscores our shared commitment to driving low-carbon socioeconomic progress while advancing the historic UAE Consensus goals of tripling renewable energy capacity by 2030,\u201d he said.<\/p>\n\n\n\n

Azerbaijan\u2019s Minister of Energy, H.E. Parviz Shahbazov, highlighted the projects’ role in the country\u2019s energy transition. \u201cThese solar power plants represent a crucial step toward becoming a \u2018green energy\u2019 country, reducing emissions, and advancing our renewable energy targets,\u201d he stated.<\/p>\n\n\n\n

Masdar CEO Mohamed Jameel Al Ramahi noted Azerbaijan\u2019s importance as a strategic market, building on the successful completion of the 230 MW Garadagh solar plant in 2023. \u201cThese projects reflect our dedication to helping Azerbaijan meet its clean energy goals,\u201d he said.<\/p>\n\n\n\n

SOCAR President Rovshan Najaf described the partnership with Masdar as transformative. \u201cThe financial close of these solar projects marks a historic milestone, underscoring our commitment to diversifying energy sources and driving sustainable development,\u201d he commented.<\/p>\n\n\n\n

The projects are part of Masdar\u2019s growing portfolio in Azerbaijan, which includes agreements for 10 GW of renewable energy capacity spanning onshore wind, solar, offshore wind, and green hydrogen.<\/p>\n\n\n\n

SOCAR Green, established in 2024, is driving Azerbaijan\u2019s renewable ambitions through strategic partnerships and large-scale projects.<\/p>\n\n\n\n

Masdar, founded in 2006, is a global leader in renewable energy, with projects in over 40 countries. It aims to expand its renewable energy portfolio to 100 GW and become a leading producer of green hydrogen by 2030.<\/p>\n\n\n\n

SOCAR Green\u2019s collaboration with Masdar reinforces Azerbaijan\u2019s role in the global energy transition, showcasing how strategic investments can accelerate climate action and economic growth.<\/p>\n","protected":false},"excerpt":{"rendered":"

The projects, financed by the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB), represent a combined investment of over $600 million.<\/p>\n","protected":false},"author":2,"featured_media":4427,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1105,36,40,428,520,41],"tags":[1161,1162,1163,1164,1165,1166,701,170,1167,1120,1168],"class_list":{"0":"post-980","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cop29","8":"category-electricity","9":"category-news","10":"category-power","11":"category-projects","12":"category-renewable-energy","13":"tag-adb","14":"tag-aiib","15":"tag-azerbaijan-solar-projects","16":"tag-bilasuvar-solar-park","17":"tag-clean-energy-transition-2","18":"tag-cop29-baku","19":"tag-ebrd","20":"tag-masdar","21":"tag-neftchala-solar-park","22":"tag-renewable-energy-financing","23":"tag-socar-green"},"_links":{"self":[{"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/posts\/980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/comments?post=980"}],"version-history":[{"count":0,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/posts\/980\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/media\/4427"}],"wp:attachment":[{"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/media?parent=980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/categories?post=980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/tags?post=980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}