BAKU, Azerbaijan, October 24. The European Bank for Reconstruction and Development (EBRD) is set to invest approximately $200 million into the Khizi-Absheron wind power project in Azerbaijan, Trend reports.
The Director of the State Agency of Renewable Energy Sources (AREA) under the Ministry of Energy of Azerbaijan Javid Abdullayev said at an event at the Baku Shipyard dedicated to the delivery of turbine blades for the wind power plant to Baku.
Abdullayev noted that the total project cost is estimated to be around $345 million.
"This financing is being provided on a project financing basis, utilizing both the company’s own funds and attracted financial resources from international financial institutions. The EBRD and the OPEC Fund are expected to play key roles in this project. The bank plans to contribute approximately $200 million.
This investment is a clear indicator of the establishment of a stable and favorable investment climate in the country, which is fully transparent for investors," he said.
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