New Delhi: The Asian Development Bank (ADB) and Abu Dhabi Future Energy PJSC (Masdar) are investing $160 million to build two large-scale solar power plants in Azerbaijan. The projects, located in the Bilasuvar and Neftchala districts, less than 140 kilometers from Baku, will significantly boost the country’s clean energy capacity, an ADB press release stated.
The ADB and Masdar signed two loans Saturday in Baku to build the plants. Once completed, the solar power plants are expected to generate 760 megawatts of clean energy, offsetting an estimated 725,000 tons of carbon dioxide emissions annually. This development will effectively triple Azerbaijan’s existing solar energy capacity, bolstering its energy security and sustainability objectives.
“By harnessing Azerbaijan’s solar potential, we are enhancing the country’s energy security and providing a model for sustainable development that can be replicated across the region,” said ADB Director General for Private Sector Operations Suzanne Gaboury. “The Bilasuvar and Neftchala power plants clearly demonstrate the potential of the country’s dynamic energy sector to catalyze the private sector and mobilize international investors, Gaboury added.
According to the press release, the Asian Infrastructure Investment Bank and the European Bank for Reconstruction and Development are co-lenders for the solar power projects, along with the ADB. The projects are being co-sponsored by SOCAR Green, a wholly owned subsidiary of the State Oil Company of Azerbaijan, in collaboration with Masdar. SOCAR Green is actively involved in implementing renewable energy projects and developing strategic roadmaps for reducing carbon emissions within Azerbaijan.