Within the framework of COP29, financing documents for two solar energy projects in Azerbaijan were signed between SOCAR Green LLC, Masdar company (UAE), European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB), and Asian Infrastructure Investment Bank (AIIB), Report informs, citing the Energy Ministry of Azerbaijan.
The total cost of the projects, the 445 MW Bilasuvar Solar Power Plant and the 315 MW Neftchala Solar Power Plant, financed by EBRD, ADB, and AIIB, is expected to be $670 million.
The power plants, planned to be commissioned in 2027, are projected to generate more than 1.7 billion kWh of green energy annually, which means saving 380 million cubic meters of natural gas per year, as well as reducing carbon emissions by 830,000 tons.
On June 4, 2024, during the Baku Energy Week, a foundation-laying ceremony for three new power plants was held with the participation of Azerbaijan's President Ilham Aliyev.