Masdar, the UAE’s renewable energy leader, and Socar Green, a subsidiary of Azerbaijan’s state energy company Socar, have achieved financial close for two major solar projects in Azerbaijan. The 445 MW Bilasuvar and 315 MW Neftchala solar projects, with a combined cost exceeding $600 million, are being 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 during COP29 in Baku, witnessed by high-level officials including Parviz Shahbazov, Azerbaijan’s Minister of Energy, and Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and COP28 President.
Dr. Al Jaber remarked on the importance of global partnerships in advancing clean energy initiatives. “The UAE and Azerbaijan share a commitment to expanding affordable, clean energy access. This agreement strengthens our joint efforts to triple renewable energy capacity by 2030,” he said.
Driving Renewable Energy Goals
The solar projects aim to bolster Azerbaijan’s energy transition and reduce carbon emissions. Minister Shahbazov emphasized their significance, stating, “These plants represent a milestone in our renewable energy strategy, reflecting investor confidence in Azerbaijan’s green energy ambitions.”
Construction of the Bilasuvar and Neftchala projects began in June 2024 and is slated for completion by early 2027. Once operational, the plants will significantly contribute to Azerbaijan’s goal of becoming a “green energy” nation.
Mohamed Jameel Al Ramahi, CEO of Masdar, highlighted the strategic importance of Azerbaijan. “This partnership reinforces our commitment to supporting Azerbaijan’s clean energy targets, following the successful completion of the 230 MW Garadagh solar plant last year,” he said.
Strengthening Strategic Partnerships
Rovshan Najaf, President of Socar, celebrated the collaboration with Masdar, stating, “This milestone underscores the strength of our partnership and shared vision. These projects exemplify our dedication to diversifying energy sources and advancing sustainable development.”
Masdar and Socar have also signed agreements for future onshore and offshore renewable projects, including wind and green hydrogen initiatives totaling 10 GW in capacity.
Masdar’s Global Leadership
Established in 2006, Masdar is jointly owned by Taqa, Adnoc, and Mubadala. The company has developed renewable projects in over 40 countries with a current capacity exceeding 31.5 GW. It aims to achieve a 100 GW renewable energy portfolio and lead green hydrogen production by 2030.
Meanwhile, Socar Green, established in 2024, plays a key role in Azerbaijan’s renewable energy transition, focusing on large-scale solar, wind, and hydrogen projects.
This landmark partnership underscores the growing collaboration between the UAE and Azerbaijan in achieving ambitious global sustainability goals.
