Masdar, the United Arab Emirates’ (UAE) clean energy powerhouse, and SOCAR Green, a clean energy subsidiary of Azerbaijan’s state oil company SOCAR, have reached financial close for the 445 MW Bilasuvar and 315 MW Neftchala solar projects in Azerbaijan. The financing agreements were signed on the sidelines of the United Nations Climate Change Conference COP29 in Baku.

Masdar (Abu Dhabi Future Energy Company PJSC) and SOCAR Green held a groundbreaking ceremony for the Bilasuvar and Neftchala solar parks in June 2024, with construction targeted for completion by the first quarter of 2027.

The two projects are valued at over USD 600 million

The two projects, valued at more than USD 600 million, will be financed by the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB) and the Asian infrastructure and Investment Bank (AIIB), Masdar said in a press release.

The signatories of the agreements included Abdulla Zayed, Director of Business & Project Development at Masdar, and Elmir Musayev, General Director of SOCAR Green.

UAE Minister of Industry and Advanced Technology Sultan Al Jaber, who is also the chairman of Masdar, said the partnership underscores the UAE’s commitment to driving low-carbon progress in key markets and to tripling renewable energy capacity by 2030.

Masdar has already built Azerbaijan’s largest solar power plant to date

Masdar Chief Executive Officer Mohamed Jameel Al Ramahi noted that the two major solar projects came not long after the company completed Azerbaijan’s largest solar power plant to date – the 230 MW Garadagh, inaugurated in October 2023.

In Azerbaijan, the UAE’s company has so far signed agreements to develop clean energy projects with a total combined capacity of 10 GW, including onshore wind, solar, and integrated offshore wind and green hydrogen projects, according to the press release.

Since its establishment in 2006, Masdar has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100 GW by 2030 and to become a leading producer of green hydrogen by the same year.

SOCAR partners with TES to explore production of electric natural gas

Established in 2024, SOCAR Green drives the implementation of clean energy initiatives, including large-scale solar, wind, and green hydrogen projects. Through strategic partnerships with international leaders in renewable energy, SOCAR Green supports Azerbaijan’s commitment to achieving its national climate targets and global sustainability goals.

Earlier this month, SOCAR signed a joint study agreement with Tree Energy Solutions (TES), a Europe-based global green energy company, to explore the development of electric natural gas (e-NG), a hydrogen-based e-fuel produced using renewable electricity and CO2.

The e-NG produced in Azerbaijan could be delivered to Europe

The e-NG produced in Azerbaijan could be delivered to Europe via the existing gas network infrastructure, such as the Southern Gas Corridor, according to a press release from TES.

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