COP29: EBRD invests in landmark solar projects in Azerbaijan 

The European Bank for Reconstruction and Development (EBRD) announced a landmark investment at COP29 in Baku, joining the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) to finance two utility-scale solar power projects in Azerbaijan.

Each multilateral bank will provide $160 million for the construction of solar plants in Bilasuvar and Neftchala, with capacities of 445 MW and 315 MW, respectively.

Expected to be operational by 2027, these projects will generate 760 MW of renewable energy, reducing carbon emissions by over 600,000 tons annually and powering up to 300,000 homes.

The projects, led by Masdar and SOCAR Green, represent the largest renewable energy development in the Caucasus and align with Azerbaijan’s target of achieving 30 per cent renewable energy generation by 2030.

EBRD Managing Director for Sustainable Infrastructure, called the investment transformative for the region’s renewable energy market.

The EBRD has invested over €3.7 billion in Azerbaijan across 191 projects, including financing 1.2 GW of renewable energy capacity. In 2023, green investments made up 50 per cent of its €6.5 billion portfolio.