Apollo Sees Azerbaijan As Key Market For Energy Project Financing

Apollo Global Management, a global alternative asset management and direct investment firm, is discussing the financing of major energy projects in Azerbaijan, a senior executive said.

Jamshid Ehsani, Head of Global Structured Finance at Apollo Global Management, made the remarks during the 7th Annual Caspian Business Forum organized by the Caspian Policy Center (CPC) in New York.

Ehsani highlighted investment opportunities in critical minerals and energy infrastructure, as well as the financial structures needed to support large-scale projects.

“Central Asia's vast deposits of critical minerals are precisely the resources the West needs for its supply chains to support the development of digital infrastructure and clean electrification,” Ehsani said.

He also pointed to the growing strategic partnership between Apollo and the State Oil Company of Azerbaijan (SOCAR), saying discussions are currently underway on financing major energy projects both in Azerbaijan and abroad.

Ehsani said the main challenge for large-scale projects is not a shortage of capital, but establishing structures capable of attracting the appropriate forms of long-term financing.

“The main obstacle is not the availability of capital. The issue lies in selecting the right type of capital and the appropriate investment structure. Apollo can play a significant role in mobilizing long-term insurance capital for the region, provided the right structure is established,” he said.

He also stressed the importance of mitigating risks that could restrict capital flows into projects.

“It is necessary to address the dual nature of risk. This is crucial for facilitating the movement of capital,” Ehsani said, adding that effective deal structuring and risk-mitigation mechanisms could increase the investment attractiveness of projects.

Apollo and SOCAR have already expanded their cooperation in the Azerbaijani energy sector.

In early June, during Baku Energy Week 2026, SOCAR and Apollo signed a strategic cooperation agreement concerning the Trans-Anatolian Natural Gas Pipeline (TANAP).

Under the agreement, Apollo acquired a minority, non-controlling stake in the holding company that owns SOCAR Türkiye's 7% interest in TANAP.

The parties also signed a memorandum of understanding to expand cooperation in energy financing. The document provides for increasing existing financing for TANAP by up to $300 million and exploring opportunities to finance other assets within the SOCAR Group.

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