The Future Energy Source company and its subsidiary Socar Green, belonging 100% to the State Oil Company of Azerbaijan Socar, announced the successful completion of financing two solar energy projects in the country: the Pelasuvаr solar power station with a capacity of 445 megawatts and Nevchala with a capacity of 315 megawatts.
For the financing of the solar energy projects, the European Bank for Reconstruction and Development, the Asian Development Bank, and the Asian Infrastructure Investment Bank were involved. The total cost of the projects is estimated at over 600 million dollars.
The Future Energy Source and Socar Green companies laid the foundation stone for the construction of solar projects Pelasuvаr and Nevchala within the Energy Week in June 2024. The construction is scheduled to be completed by the first quarter of 2027.
The Minister of Industry and Advanced Technologies, the President of COP28, the Chairman of the Board of Directors of Future Energy Source, Doctor Sultan ben Ahmed Al-Jaber noted: "These agreements emphasize the importance of long-term investments and strategic partnerships for advancing climate finance and developing new clean energy projects."
The Prime Minister of Azerbaijan, Pervez Shahbazov stated: "This agreement strengthens successful partnership between Azerbaijani institutions and Future Energy Source, and also confirms the trust between international investors and financial institutions in our country."
The General Director of Future Energy Source, Mahammed Jamal Al-Rumekh noted that Azerbaijan is a key strategic market for the company, which aims to support its ambitious goals in the field of clean energy.
