Azerenerji AO executives do not see any reasons for concern due to delay in approval of credit for AzHPP reconstruction in Mingachevir by EBRD. Azerenerji chief engineer Saleh Mamedov told Trend the failure to examine the credit June 27 is a procedural issue and must not affect the project implementation.
The project consultant, Enprima of Japan, ha been selected to date and the tender for selecting contractor has been announced.
EBRD credit amount will be mainly directed to turbine equipment rehabilitation and environment improvement. Reconstruction of first to eighth blocks, apart from fifth, is estimated in $150mln, from which $115mln are EBRDs credit. The credit will be issued on EBRDs standard terms for 15 years with three year payment delay and at rate libor+1%.
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