EBRD Prepared to Finance Development of Alternative Energy Sources in Azerbaijan

Oil&Gas Materials 11 February 2008 13:43 (UTC +04:00)

Azerbaijan, Baku, 11 February / corr Trend U.Ismayilova / The European Bank for Reconsrtuction and Development (EBRD) is prepared to allocate approximately $13.5mln for projects on development of alternative energy sources in Azerbaijan, Natik Aliyev, the Azerbaijani Minister for Industry and Energy, said on 11 February.

Azerbaijan has been realizing projects on alternative energy sources. An agreement on the construction of a wind power station in Gobustan with a budget of $40mln has been signed with the Korean company STX. Work on the use of solar energy is carried out with Germany and small hydro-power stations with Norway.

"In the near future the project on production of energy from biomasses in the territory of the mountainous village of Khinalig in the district of Guba will be launched" Gilmammadov said. Similar work will be carried out in other regions of the country.

At present the EBRD is realizing approximately 80 projects in different sectors of Azerbaijan, where $720mln has been invested so far.