Credit Agreement Signed with European Banks’ Consortium to Construct New Electric Power Station in Azerbaijan
Azerbaijan, Baku, 28 June / Trend corr I. Khalilova/ "Azerenerji OJSC signed an agreement with a consortium of three banks - Bayerische landesbank, Societe Generale and Credit Suisse - on allocation of 300mln euro for construction of a new 760-780-MWt station Cenub (nearby Ali-Bayramli thermoelectric power station)," Government reported on 27 June.
The credit was allotted under a State guarantee for 10 years. Once a year after coordinating with the Economic Development Ministry and Finance Ministry, Azerenerji must inform the Cabinet of utilization of the credit and of implementation of the project.
The funds will cover half cost of construction. Cenub to be operated by the end of 2009 will work both with gas and fuel oil.
Within the project, Azerenerjitikinti LLC, responsible for the construction, signed an agreement with American General Electric to construct four gas turbines and to equip four generators. A range of agreement will be concluded to supply equipment.
On 27 June, official exchange rate totalled 0.8128 AZN/USD.
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