Synergy Consulting, Inc., is pleased to share that it acted as the sole financial advisor to Masdar to achieve financial close of two transformative solar projects in Azerbaijan: the 445MW Bilasuvar and 315MW Neftchala solar plants. The 445 MW Bilasuvar Solar PV Plant in Azerbaijan is set to become the nation’s largest solar power project.
With more than USD 500 million in funding from EBRD, ADB, and AIIB, these projects are set to power Azerbaijan’s renewable energy future, with construction completion targeted by Q1 2027, helping substitute natural gas-based power plants and help in meeting the renewable energy target set by the Government to achieve 30% installed power capacity from renewable power by 2030.
The project will help generate more than one and a half billion kilowatt-hours of electricity per annum and will reduce CO2 emissions by more than 650,000 tonnes a year.
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