The 445MW Bilasuvar and 315MW Neftchala solar projects in Azerbaijan have reached financial close, according to Abu Dhabi Future Energy Company PJSC-Masdar, the clean energy powerhouse of the United Arab Emirates, and SOCAR Green, a wholly-owned subsidiary of SOCAR committed to sustainable initiatives.
The two solar projects, which are anticipated to cost over $600 million in total, are being financed by the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure and Investment Bank (AIIB).
On the fringes of COP29 in Baku, the agreements were inked. Harry Boyd-Carpenter, Managing Director, Climate Strategy and Delivery at EBRD; Afgan Isayev, Vice President of SOCAR; Abdulaziz AlObaidli, COO of Masdar; and Parviz Shahbazov, Minister of Energy for the Republic of Azerbaijan, were present.
“Long-term investments and partnerships are the driving force for unlocking vital climate finance and new clean energy capacity,” stated Dr. Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology, Chairman of Masdar, and President of COP28. The UAE and Azerbaijan have a long history of embracing possibilities to make sure that people in need can access clean, cheap electricity.
“By tripling renewable energy capacity by 2030, this agreement further demonstrates our commitment to advancing low-carbon socioeconomic progress in essential markets and fulfilling the lofty objectives of the historic UAE Consensus.
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