BAKU, Azerbaijan, March 31. The Asian Development Bank (ADB) will provide a $23.2 million loan to Masdar Azerbaijan Energy company for the construction and operation of the Garadagh solar power plant [in Azerbaijan’s Alat settlement] with an installed capacity of 230 MW, Trend reports citing ADB.
Previously, European Bank for Reconstruction and Development (EBRD) also expressed readiness to allocate a long-term loan of up to $51 million for the development, construction, and operation of the Garadagh solar plant within the Alat Solar project.
The Board of Directors of the EBRD will consider the approval of the loan on April 27.
Masdar Azerbaijan Energy is a company registered in Azerbaijan with the aim of implementing a project for the construction and commissioning of the Garadagh solar power plant.
Based in the UAE, Masdar is a regional leader and a major international player in the field of renewable energy and sustainable urban development.