EBRD Investment in Azerbaijan’s Solar Projects
The European Bank for Reconstruction and Development (EBRD) has committed $480 million, alongside the Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB), for two major solar projects in Azerbaijan.
Project Details
The 760 MW combined capacity of the projects will be developed by Masdar and SOCAR Green, with plants in Bilasuvar (445 MW) and Neftchala (315 MW). These projects are set to be the largest renewable energy ventures in the Caucasus, with commissioning expected by 2027.
Environmental and Strategic Impact
The projects will save over 600,000 tonnes of CO2 annually and provide green energy to 300,000 homes. This investment is pivotal to Azerbaijan’s goal of meeting a 30% renewable energy share by 2030.
Nandita Parshad, Managing Director of the EBRD’s Sustainable Infrastructure Group, highlighted the transformative impact of the projects, stating, “We are very pleased to be financing these solar plants, the largest to date in the Caucasus, saving over 600,000 tonnes of CO2 annually. In addition to the real-world impact of powering up to 300,000 homes with green energy, this significant investment will transform the entire renewable energy market in the region.”
Comments