Azerbaijan’s Ministry of Energy, SOCAR, and the UAE-based renewable energy company Masdar (Abu Dhabi Future Energy Company) have signed a document "Confirmation of Financial Close for the Neftchala 315 MW Solar Photovoltaic Project."
Renewables.az reports, citing the Press Service of the President of Azerbaijan, that the signing ceremony was held in the presence of Azerbaijani President Ilham Aliyev and His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and National Security Advisor.
The document was signed by Azerbaijan’s Minister of Energy Parviz Shahbazov, Minister of Economy Mikayil Jabbarov and UAE Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber.
Financing is being provided by the Asian Infrastructure Investment Bank (AIIB), the European Bank for Reconstruction and Development (EBRD), and the Asian Development Bank (ADB). Located in the Neftchala district of Azerbaijan, the project is expected to generate more than 686 million kilowatt-hours of renewable electricity annually, enough to power around 140,000 homes, while avoiding approximately 280,000 tonnes of carbon emissions each year.
