ADB, Masdar sign $160m deal for Azerbaijan’s solar projects

The Asian Development Bank (ADB) and Abu Dhabi Future Energy PJSC (Masdar) on Saturday signed two loan agreements totaling $160 million to construct two major solar power plants in Azerbaijan.

Located in the Bilasuvar and Neftchala districts, the projects will add 760 megawatts of clean energy capacity, tripling the country’s solar output and offsetting 725,000 tons of carbon dioxide emissions annually.

ADB will provide $81.5 million, with additional financing from the Leading Asia’s Private Infrastructure Fund 2 (LEAP2), the Asian Infrastructure Investment Bank, and the European Bank for Reconstruction and Development. SOCAR Green, a subsidiary of Azerbaijan’s state oil company, co-sponsors the projects alongside Masdar.

“This initiative strengthens Azerbaijan’s energy security and sets a model for sustainable development in the region,” said ADB’s Suzanne Gaboury.

Masdar, a global leader in renewable energy, aims to expand its portfolio to 100 gigawatts by 2030, building on its 20-gigawatt capacity.

Attribution: ADB

Subediting: Y.Yasser