Overview
The Investment agreement for the 445MW Bilasuvar Solar project was reached in October 2023, followed by the signing of Power Purchase Agreements, Transmission Connection Agreements, and Land Lease Agreements.
Masdar broke ground on the Bilasuvar solar plant at the opening ceremony of Baku Week in June 2024.
Financial close for the project was announced at COP29 in Baku in November 2024. Lenders for the project are the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB) and the Asian infrastructure and Investment Bank (AIIB).
Construction is expected to commence in 2025.
Masdar has signed agreements to develop onshore wind and solar projects and integrated offshore wind and green hydrogen projects with a total combined capacity of 4GW in Azerbaijan, with an option to expand the total capacity to 10GW, in support of the country’s aim to generate 30 percent of its energy capacity from renewable power by 2030.
Project Info
Technologies Used
Solar PV
Location
Azerbaijan
Project Completion Year
-
Status
Under Construction
Partners
