EBRD approves a loan for construction of solar power plant in Azerbaijan


May 12, Fineko/abc.az. The EBRD has endorsed a long-term loan in the amount of $51 million for the development, construction and operation of a solar photovoltaic power plant with installed capacity of 230 MW at a site located 9 km northwest of Alat settlement in eastern Azerbaijan.

ABC.AZ reports with reference to the EBRD that the total cost of the project is $250 million. Along with the EBRD, the project will be supported by a number of other international financial institutions.

The project will be developed by a special target body recently established in Azerbaijan, which will act as a borrower for project financing. The project is being implemented by Abu Dhabi Future Energy Company (Masdar).