London & Baku—Dentons, the world's largest global law firm, has acted as project counsel to the consortium of UAE-based Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, and SOCAR Green, a wholly-owned subsidiary of Azerbaijan's state energy company SOCAR, in relation to the financing of two large independent solar power projects in Azerbaijan.

European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB) and Asian Infrastructure and Investment Bank (AIIB) are financing the two projects, with the total project cost expected to be more than US$ 600 million.

The financing agreements were signed on the sidelines of COP 29 in Baku, Azerbaijan.

The projects comprise the 445 MW solar power plant in Bilasuvar in southeast Azerbaijan and a 315 MW solar power plant in Neftchala, also in the country's southeast on Azerbaijan's Caspian Sea coast.

Masdar and SOCAR Green broke ground on the two solar parks during a ceremony at Baku Energy Week in June 2024. Construction on the projects is due to be completed by the first quarter of 2027.

The renewable energy projects further Azerbaijan's ambitions to grow the renewable energy share in its electricity mix, reduce carbon emissions and attract inbound, international investment into the sector.

The International Energy Agency (IEA) has said that Azerbaijan "significant untapped renewable energy potential", and in particular "excellent solar power potential".

Dentons advised on all legal aspects of the transaction including Azerbaijani law issues.

The cross-border Dentons team was led by partners Colm Ó hUiginn (Projects), John Inglis (Projects), Kamil Valiyev (Corporate) and Ulvia Zeynalova-Bockin (Banking and Finance).

Colm Ó hUiginn commented: "We are delighted to have advised the sponsors, Masdar and SOCAR Green, on these landmark projects which represent a significant milestone in scaling-up Azerbaijan's renewable energy sector."

The wider Dentons team advising on the deal comprised Bruce Hale (Counsel, Projects), Claire Hunter (Senior Associate, Projects), Lamia Al-Lamki (Associate, Corporate), Emma Aitken (Associate, Projects), Daniel Mayhew (Associate, Projects), Alexandra Velizarova (Associate, Projects), Rena Eminova (Senior Associate, Corporate), Bakhtiyar Mammadov (Counsel, Regulatory), Ulvi Seyidli (Associate, Corporate) and Sabina Orujova (Associate, Corporate). 

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