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Azerenerji and Asian Development Bank sign loan agreement

Oil&Gas Materials 29 May 2009 23:46 (UTC +04:00)

Azerbaijan, Baku, May 29/ Trend , E.Ismaylov /

Azerenerji JSC (distribution and sale of electricity in Azerbaijan) and the Asian Development Bank signed a $160 million loan agreement in Manila for rehabilitation and construction of double-220 kWt power lines from Mingachevir hydropower plant to Absheron substation, the head of Azerenerji, Etibar Pirverdiyev said on May 29. The length of the energy transmission line is 250 kilometers.

The loan totals $160 million with a total cost of the project at $220 million. In addition, this envisages uniting 220/110 kWt substation with 110 kWt power transmission line. Credit was granted for 20 years with grace period (libor - 0.8), said Pirverdiyev.

The contract was signed on the Power Distribution Development Investment Program under multi-tranche funding programs (MFP), totaling $500 million.

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