EBRD invests in Azerbaijan’s solar power expansion at COP29
Nov 25, 2024
The European Bank for Reconstruction and Development (EBRD) has unveiled a significant investment in Azerbaijan's renewable energy sector during COP29 in Baku, Trend reports.
In collaboration with the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB), the EBRD will provide $160 million each for the development of two large-scale solar power plants in Azerbaijan.
The two solar projects, which will have a combined capacity of 760 MW, are being developed by Masdar and SOCAR Green. The 445 MW solar park in Bilasuvar and the 315 MW solar plant in Neftchala will be the largest renewable energy projects in the Caucasus region. Construction has already begun, with both projects expected to be commissioned by 2027.
This investment marks a crucial step toward achieving Azerbaijan's goal of increasing the share of renewable energy in its power generation mix to 30 percent by 2030. Nandita Parshad, Managing Director of the EBRD’s Sustainable Infrastructure Group, highlighted the transformative impact of the projects, stating, “We are very pleased to be financing these solar plants, the largest to date in the Caucasus, saving over 600,000 tonnes of CO2 annually. In addition to the real-world impact of powering up to 300,000 homes with green energy, this significant investment will transform the entire renewable energy market in the region.”
As a leader in financing climate action, the EBRD has been instrumental in mobilising private-sector finance for sustainable infrastructure projects across its regions. In 2023 alone, the Bank provided over 6.5 billion euros in green financing, representing 50 percent of its total investment.
The EBRD, which has been operating in Azerbaijan for over 30 years, is also the largest institutional investor in the Caucasus. To date, the Bank has invested more than 3.7 billion euros in Azerbaijan through 191 projects, including the country’s first utility-scale solar power plant, recently commissioned by Masdar. The EBRD has financed over 1.2 GW of renewable energy capacity in Azerbaijan, reinforcing its commitment to supporting the country’s transition to clean energy.
LATEST
Jul 30, 2026
Share of EU countries in Azerbaijan’s total exports exceeds 49 percent
News
In the first six months of the current year, Azerbaijan exported $8.0438 billion worth of goods to European Union countries, representing an 11% decline ($994.93 million) compared to the same period last year.
Jul 29, 2026
Polish business representatives to visit Azerbaijan
News
In November this year, representatives of Polish business are scheduled to take part in a trade mission to Azerbaijan.
Jul 27, 2026
Newly established Azerbaijan-Netherlands Chamber of Commerce inaugurated in The Hague
News
The newly established Azerbaijan-Netherlands Chamber of Commerce was inaugurated in The Hague during an official reception organized by the Embassy of the Republic of Azerbaijan on the occasion of 28 May – Independence Day, Report informs.
Jul 27, 2026
Bank Respublika secures €22 million from EFSE
News
New agreement between Bank Respublika and EFSE will expand access to finance for businesses
Jul 22, 2026
Azerbaijan-Germany Business Council to serve as platform for new cooperation opportunities
News
During the official visit of President of Azerbaijan Ilham Aliyev to Germany, the “Joint Declaration on the Establishment and Activities of the Azerbaijan-Germany Business Council” was signed.
Jul 21, 2026
Trade Mission to Baku (Azerbaijan) - September 28 to October 1, 2026
News
The Belgian-Azerbaijani Chamber of Commerce (BELGAZERCOM) is pleased to invite you to participate in an exclusive trade mission to Baku, the vibrant capital of the Republic of Azerbaijan.
Jul 09, 2026
Bank Respublika Secures EUR 15 Million from Finnfund to Support Green Finance and MSMEs in Azerbaijan
News
Bank Respublika and Finnfund Sign a Major Credit Agreement
Jul 02, 2026
EU launches connectivity and communities support programmes
News
EU launches connectivity and communities support programmes for peace in the South Caucasus
Jul 02, 2026
EU sees Azerbaijan as cornerstone of energy and trade strategy
News
Relations between Azerbaijan and the European Union appear to be entering a new and more consequential phase
Jul 01, 2026
Von der Leyen intends to deepen EU's partnership with Azerbaijan
News
European Commission President Ursula von der Leyen has announced plans to deepen the partnership between the European Union and Azerbaijan in a number of key areas.
Jun 09, 2026
EU names restoration of Nakhchivan railway as key investment project
News
The European Union considers the restoration of railway infrastructure in the Nakhchivan Autonomous Republic one of its key investment projects in Azerbaijan, Victor Bojkov, Head of Cooperation at the EU Delegation in Azerbaijan,
Jun 06, 2026
EBRD regional report: increases in global energy prices could generate a revenue windfall for Azerbaijan
News
Azerbaijan’s economy has lost momentum in the past year, with declining hydrocarbon output pushing the economy into contraction in early 2026, according to the latest edition of a flagship economic report by the European Bank for Reconstruction and Development (EBRD), published on 3 June.
