Dentons has advised Abu Dhabi’s clean energy company Masdar in relation to the development and financing of two large solar power projects in Azerbaijan.

The firm acted as project counsel to the sponsors, Masdar and SOCAR Green, a subsidiary of Azerbaijan’s state energy company SOCAR, and provided advice on all legal aspects of the transaction including Azerbaijani law issues.

White & Case’s London office advised the Azerbaijani government and the Paris office of Clifford Chance advised the lenders.

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 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 megawatt solar power plant in Bilasuvar in southeast Azerbaijan and a 315 megawatt solar power plant in Neftchala, also in the country’s southeast on Azerbaijan’s Caspian Sea coast.

Construction on the projects is due to be completed by the first quarter of 2027.

The cross-border Dentons team was led by London partners Colm Ó hUiginn and John Inglis, alongside Baku partners Kamil Valiyev and Ulvia Zeynalova-Bockin.

Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of over 31.5 gigawatts.

Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100 gigawatts by 2030 while aiming to be a leading producer of green hydrogen by the same year.

White & Case advised the Ministry of Energy of Azerbaijan, the Azerbaijan Renewable Energy Agency (AREA), and the state electricity utility Azerenerji. The team was led by London partners Mukund Dhar and Kamilla Azamat.

The Clifford Chance team advising EBRD, ADB, and AIIB was led by Milica Zatezalo-Falatar, a project finance partner based in Paris.