Masdar and SOCAR Green Secure Financial Close for 315 MW Neftchala Solar Project in Azerbaijan

UAE clean energy leader Masdar (Abu Dhabi Future Energy Company PJSC) has expanded its renewable energy footprint in Azerbaijan, securing a major financial landmark alongside a new strategic collaboration agreement.

The signing ceremonies took place in the presence of His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and National Security Adviser, and His Excellency Ilham Aliyev, President of the Republic of Azerbaijan.

Masdar and SOCAR Green, a subsidiary of state oil company SOCAR, officially achieved financial close for the 315MW Neftchala Solar PV project. Co-developed alongside Azerbaijan’s Ministry of Energy, the utility-scale project is being financed 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, the plant is expected to generate over 686 million kilowatt-hours of clean electricity annually—powering 140,000 homes while displacing roughly 280,000 tonnes of carbon emissions per year.

Concurrently, Masdar signed a collaboration agreement with the Azerbaijan Green Energy Company (AGEC) to explore several clean energy expansions. The framework outlines plans to potentially expand Masdar’s existing 230MW Garadagh Solar PV plant by at least 350MW, paired with a battery energy storage system (BESS) of up to 200 MWh. The agreement was executed by H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, and Khayala Naghiyeva, Deputy Chairman of the Executive Board of AGEC.

The partnership will also evaluate a 100MW round-the-clock (RTC) renewable energy initiative in Nakhchivan. This proposal leverages Masdar’s dispatchable power framework demonstrated in Abu Dhabi, where it reached financial close in July 2026 on a global-first US$6.1 billion gigascale project pairing 5.2GW of solar with 19GWh of storage.

“Garadagh established a strong foundation for Masdar in Azerbaijan,” said Mohamed Jameel Al Ramahi, CEO of Masdar. “This agreement with AGEC gives us the opportunity to build on that track record by expanding the project, integrating battery storage, and exploring round-the-clock renewable power.”

Beyond the Neftchala and Garadagh projects, Masdar is co-developing the 445MW Bilasuvar solar plant and the 240MW Absheron-Garadagh onshore wind farm with SOCAR Green, pushing Masdar’s total capacity in Azerbaijan past 1.2GW as it targets 100GW globally by 2030.