BAKU, Azerbaijan, August 2. The European Bank for Reconstruction and Development (EBRD), together with Asian Development Bank (ADB), Japan International Cooperation Agency (JICA), and Abu Dhabi Fund for Development (ADFD) have allocated a loan in the amount of $114.2 million for the photovoltaic (PV) solar power plant project in Azerbaijan, Trend reports via EBRD.
A total of $21.4 million will be provided by the EBRD, while the remaining $92.8 million - by ADB, JICA, and ADFD.
According to the Bank, the funding will be provided for the 230-megawatt Garadagh solar power project implemented by Masdar Azerbaijan Energy LLC, fully owned by Abu Dhabi Future Energy Company. This is the first privately owned, utility-scale project in Azerbaijan.
Once commissioned, the plant 230 megawatt of renewable energy will be able to generate up to 558 gigawatt hours of electricity, reducing up to 265,000 tons of carbon emissions annually.
Meanwhile, as of today, the EBRD has invested more than 3.6 billion euros in Azerbaijan on 181 projects.
EBRD has been cooperating with Azerbaijan since 1992 and is the leading investor in the country.
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