Council of Directors of European Bank for Reconstruction and Development (EBRD) approved issuing the $115mln credit under rehabilitation of AzHPP in Mingachevir, Trend reports with reference to EBRDs release.
According to the agreement, upon signing rehabilitation contract EBRD will issue an advance payment for the whole scope of equipment, and remaining funds shall be issued alongside the items production and delivery to the republic. His is needed to avoid the delay of operations to finish by the end of 2006.
Azerenerji is doing its best to speed up commencement of construction operations at Azeri Heat Power Plant operated with black oil and natural gas (300km west of Baku). The plant has been in operation for more than 200 years and requires urgent upgrade. The project aims at increasing total effectiveness for achieving its design capacity.
EBRD credit will be mainly directed to rehabilitation of turbine equipment and environment improvement.