BAKU, Azerbaijan, September 15. Masdar, based in the United Arab Emirates (UAE) and SOCAR Green have announced that they have reached financial close on the 315MW Neftchala Solar PV project in Azerbaijan.
Masdar and SOCAR Green, a wholly owned subsidiary of Azerbaijan’s SOCAR state oil company, are co-developing the Neftchala project, in collaboration with the Ministry of Energy.
Financing is being provided by the Asian Infrastructure Investment Bank (AIIB), the European Bank for Reconstruction and Development (EBRD), and the Asian Development Bank (ADB).
The document on "Confirmation of Financial Close for the Neftchala 315 MW Solar Photovoltaic Project" was signed between the Ministry of Energy, SOCAR, and Masdar.
“Located in the Neftchala district of Azerbaijan, the project is expected to generate more than 686 million kilowatt-hours of renewable electricity annually, enough to power around 140,000 homes, while avoiding approximately 280,000 tonnes of carbon emissions each year,” said Masdar.
The Investment agreement for the 315MW Neftchala Solar project was reached in October 2023, followed by the signing of Power Purchase Agreements, Transmission Connection Agreements, and Land Lease Agreements.
Masdar broke ground on the Neftchala solar plant at the opening ceremony of Baku Week in June 2024.
In addition to the Neftchala project, Masdar is also developing two other projects with SOCAR Green – the 445MW Bilasuvar solar project and the 240MW Absheron-Garadagh onshore wind project – taking Masdar’s total capacity in Azerbaijan to over 1.2GW.
