Neftchala solar (315MW)

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This project involves the development of the 315 MW Neftchala Solar PV Power Plant, located in Neftchala, Azerbaijan, approximately 140 kilometers from Baku. The project encompasses the construction, operation, and maintenance of a utility-scale solar power facility that will add energy capacity to the region. Once operational, the plant is expected to offset approximately 314,000 metric tonnes of carbon dioxide emissions annually and contribute to tripling Azerbaijan’s solar energy capacity. The project is sponsored by Abu Dhabi Future Energy Company PJSC (Masdar) and SOCAR Green, a subsidiary of SOCAR, Azerbaijan's national oil company. Financing for the plant, totaling $283 million, is provided by the Asian Development Bank (ADB) with $68.7 million loan, the European Bank for Reconstruction and Development (EBRD) with $66 million, the Asian Infrastructure Investment Bank (AIIB) with $80 million, and $68.3 equity contribution. Financial close is achieved on November 17, 2024. https://masdar.ae/en/news/newsroom/masdar-and-socar-green-achieve-financial-close-for-760mw-of-solar-projects-in-azerbaijan; https://www.ebrd.com/work-with-us/projects/psd/55494.html; https://www.adb.org/news/adb-masdar-sign-deal-build-two-largest-solar-power-plants-azerbaijan; https://www.aiib.org/en/news-events/news/2024/aiib-signs-landmark-private-sector-solar-pv-project-in-azerbaijan-at-cop29-in-baku.html