EBRD Considers Financing Loan For Construction Of Solar Power Plant In Azerbaijan's Neftchala
Date
9/20/2024 7:17:21 PM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 20. The European
Bank for Reconstruction and Development (EBRD) is considering
financing a project to build a 315 MW solar power plant in the
Neftchala region of Azerbaijan, Trend reports.
According to the EBRD, approval of the loan is expected on
October 22.
It is noted that the project, the cost of which is 280 million
dollars, will receive a loan of up to 80 million dollars from the
EBRD.
In addition to the EBRD, the project is expected to receive
support from a number of other international financial
institutions.
The project will be implemented by Abu Dhabi Future Energy
Company PJSC (a subsidiary of Masdar).
The project aims to increase the share of renewable energy
sources in Azerbaijan's energy system, reducing dependence on
natural gas and reducing CO2 emissions by 314 thousand tons
annually. This will also help the country meet its commitments
under the Paris Agreement.
The project will use innovative financing mechanisms that are
not available locally, as well as strict environmental standards.
Construction will be carried out in a manner that minimizes
environmental impact and protects biodiversity.
The project is expected to have an impact on the energy
transition mainly due to its alignment with the EBRD's Green
Economy Transition (GET) approach as it will enable electricity
production using solar energy.
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