Masdar to invest over $1.2B in Azerbaijan's renewable energy sector

UAE-based clean energy company Masdar plans to invest more than $1.2 billion in renewable energy projects in Azerbaijan, said Maryam Al Mazrouei, Head of Development and Investment for the CIS region at Masdar, at the First Azerbaijan International Investment Forum (AIIF 2025) in Baku, Report informs.

She recalled that Masdar's cooperation with Azerbaijan began in 2018 through a partnership with the Ministry of Energy. Since then, the country's first major renewable energy facility - a 230 MW solar power plant - has been constructed and has been operating successfully for nearly two years.

"In 2024, during Baku Energy Week, Masdar and SOCAR signed a major agreement to develop an additional 1 GW of capacity," she said. "This includes two solar power plants already under construction in Bilasuvar and Neftchala, as well as a 240 MW onshore wind farm. Altogether, our total investment in Azerbaijan will reach approximately $1.2 billion."

She added that Masdar is also exploring new initiatives in Azerbaijan, including a "green energy" corridor to export electricity to Europe - a project that will create additional opportunities for investors.