The financial agreements for the solar projects were signed during the COP29 conference. Credit: Masdar.

Masdar and SOCAR Green have achieved financial close for two solar projects in Azerbaijan.

The 445MW Bilasuvar plant and the 315MW Neftchala plant have a combined capacity of 760 MW.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The total investment for the two solar parks will exceed $600m and is to be provided by the European Bank for Reconstruction and Development, the Asian Development Bank and the Asian Infrastructure and Investment Bank.

The financial agreements for the Bilasuvar and Neftchala solar projects were signed during November 2024’s COP29 conference in Baku, Azerbaijan.

The groundbreaking ceremony for both solar parks took place at Baku Energy Week in June.

Construction will be completed by the first quarter of 2027.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Masdar CEO 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.”

Masdar is committed to Azerbaijan’s energy transition, with agreements to develop 10GW of onshore wind, solar, offshore wind and green hydrogen projects.

The company’s first project in Azerbaijan, the 230MW Garadagh solar plant, was launched in October 2023.

SOCAR president Rovshan Najaf stated: “SOCAR and Masdar have today achieved a historic milestone, capitalising 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.”