Clifford Chance is advising the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), and the European Bank for Reconstruction and Development (EBRD) on two major solar projects in Azerbaijan developed by Masdar and SOCAR Green

Clifford Chance is advising the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), and the European Bank for Reconstruction and Development (EBRD) on the financing of two large solar power projects in Azerbaijan.

The sponsors for these projects are Masdar, a major renewable energy player, and Socar Green, a subsidiary of the State Oil Company of the Republic of Azerbaijan (SOCAR).

Financing agreements were signed last week. The total financing package of $480 million includes up to $280 million for the Bilasuvar power plant and up to $200 million for the Neftchala power plant.

The projects, located in the Bilasuvar and Neftchala districts in the Republic of Azerbaijan, will add 760 MW of clean energy capacity once completed. They are expected to offset around 725,000 tons of carbon dioxide emissions per year and will triple the country’s solar energy capacity.

Milica Zatezalo Falatar commented “We are delighted to be able to assist on these important energy transition projects in key markets. Huge congratulations to everyone involved for reaching this major milestone during COP29 in Baku “.

The Clifford Chance team is led by Milica Zatezalo-Falatar (Partner) with the help of William May (Associate), Violaine Lecoq Burgelin (Associate), and Yuxiao Liu (Trainee), with Sandy Hall (Partner) and Irina Steinberg (Senior Associate) supporting on construction matters.