SOCAR, Masdar sign agreement with international banks on building 2 solar plants in Azerbaijan totaling 760 MW

BAKU. Nov 18 (Interfax) - SOCAR Green, a subsidiary of State Oil Company of the Azerbaijani Republic (SOCAR), and the UAE company Masdar have concluded an agreement with a number of international financial institutions for financing two solar energy projects being implemented in Azerbaijan.

"SOCAR Green, Masdar, the European Bank for Reconstruction and Development, the Asian Development Bank and the Asian Infrastructure and Investment Bank signed documents for building two solar power stations [SPPs] with a total capacity of 760 MW and valued at $670 million in Azerbaijan," SOCAR said.

The two plants are the Bilasuvar SPP with a capacity of 445 MW and the 315 MW Neftchala SPP. They are set to be commissioned in 2027 and will produce more than 1.7 billion kWh of electricity in total.

Launching the SPPs will lead to annual savings of 380 million cubic meters of natural gas and reduce greenhouse gas emissions by 830,000 tonnes a year.

"The final agreement on financing the solar power plants with a capacity of 760 MW demonstrates the successful partnership with Masdar and the trust investors and international financial institutions have in Azerbaijan," Azerbaijani Energy Minister Parviz Shahbazov said.

As reported, the groundbreaking ceremony for the SPPs took place as part of Baku Energy Week on June 4, 2024.