Masdar and SOCAR, Azerbaijan's state-owned oil company, have signed final funding agreements for 760MW worth of solar power capacity in the country. The two power plants that will benefit from the partnership are currently under construction.
Institutions supporting the initiative are the European bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB) and the Asian Infrastructure and Investment Bank (AIIB). Each of them is providing US$160m for the developments.
The projects in question are the 445MW Bilasuvar and the 315MW Neftchala solar farms. Construction is ongoing since June this year and first power is expected in early 2027.
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