UAE-based Masdar and SOCAR Green secured $600 million in financing from EBRD, ADB, and AIIB. The funds will support two solar projects in Azerbaijan with a combined capacity of 760 MW—445 MW in Bilasuvar and 315 MW in Neftchala. The agreements were signed during COP29 in Baku. Construction is expected to be completed by early 2027. The projects align with Azerbaijan’s renewable energy plans and Masdar’s regional efforts, following the 230 MW Garadagh solar plant.
European Bank for Reconstruction and Development (EBRD),
Asian Development Bank (ADB)
Asian infrastructure and Investment Bank (AIIB)