The European Bank for Reconstruction and Development (EBRD) has announced a landmark investment at the 29th annual United Nations Climate Change Conference in Baku (COP29), financing two utility-scale solar projects in Azerbaijan alongside the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).
The three multilateral development banks will each provide US$ 160 million, supporting the construction of two solar power plants in Azerbaijan.
The 445 MW and 315 MW solar parks in Bilasuvar and Neftchala are the largest renewable energy projects in the Caucasus. They are expected to operate from 2027.
“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,” said Nandita Parshad, Managing Director of the EBRD’s Sustainable Infrastructure Group: “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.”
