Azerenerji used 2/3 of Azerbaijans Central Bank credit on the construction of Canub station
Baku, Fineko/abc.az.Central Bank of Azerbaijan has granted the third in its history direct credit for financing projects guaranteed by the government. The credit is intended for financing the construction of Canub(Southern) thermal power station.
Head of CBAs Department of Communications Rufat Abbasov reported that national electricity operator OJSC Azerenerji was granted 300 million manats against governmental guarantees for the projects financing.
"By present 200 million manats of the credit have already been used"-R.Abbasov said.
Governmental guarantees would be approved already in summer of 2010 because of delays in Azerenerjis (the project owner) signing an agreement with the Asian Development Bank (ADB) on guarantees for commercial financing of this project from banks Societe Generale and CitiBank that were ready to raise 220 million euro of extra financing from Societe Generale and CitiBank for the 13-year term with three years of payment by installments under ADB guarantees. The Abu-Dhabi Development Fund approved extra 60 million euro for financing.
In its turn, the Islamic Development Bank has already extended a 134 million euro loan for Canub Project and the Fund OPEC for International Development (OFID) 20 million euro.
Another 300 million euro was covered by a 10-year term loan from Bayerische LB, Societe Generale and Credit Suisse.
Canub station is being built by local specialists on technologies of General Electric.
The station of mixed type will have generating capacity of 780 MW and its average efficiency will make up 42%.
Azerenerji’s president Etibar Pirverdiyev stated earlier that construction of the station is scheduled for completion by the end of the year.
"The cost of the station is estimated at 600 million manats. This will be a unique station that can operate on three types of fuel - gas, fuel oil and diesel fuel,” Pirverdiyev said.
The construction began 4 years ago.
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