Masdar, the UAE’s clean energy powerhouse and SOCAR, the State Oil Company of Azerbaijan, have broken ground on three major solar and wind projects in Azerbaijan with a capacity of 1 gigawatt (GW).
The groundbreaking, which took place at the opening ceremony of Baku Energy Week, reinforces Masdar’s long-term commitment to Azerbaijan as a global strategic partner.
The ceremony was overseen by HE Ilham Aliyev, President of Azerbaijan, and HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President. Also in attendance were, HE Parviz Shahbazov, Azerbaijan Minister of Energy, HE Mikayil Jabbarov, Azerbaijan Minister of Economy and Chairman of the Supervisory Board of SOCAR and Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi.
The three groundbreakings include the 445MW Bilasuvar Solar PV Project, 315MW Neftchala Solar PV Project and the 240MW Absheron-Garadagh Onshore Wind Project. Investment agreements for the projects were reached in October 2023, followed by the signing of Power Purchase Agreements, Transmission Connection Agreements, and Land Lease Agreements.
On the sidelines of Baku Energy Week, Masdar and SOCAR also signed a Shareholder Agreement for the three projects.
The groundbreaking follows Masdar’s completion of the 230MW Garadagh solar plant in October 2023, Azerbaijan’s first foreign investment-based independent solar power project, and the largest solar plant in the region.
