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Azerbaijan determines sources of funding for alternative energy projects

Oil&Gas Materials 31 July 2012 18:34 (UTC +04:00)

Azerbaijan, Baku, July 31 / Trend E. Ismayilov /

The budget of the major projects in the field of alternative and renewable sources of energy for 2012-2013 is estimated at 657.5 million manat, the Azerbaijani State Company for Alternative and Renewable Energy told Trend on Tuesday.

In particular, it is planned to use 250 million manat to establish the wind energy regeneration park in the sea with a capacity of 100 megawatts. It is planned to implement the project through state participation share (10-25 percent) and private investments.

Pirekeshkul aerial park is the next major project in the field of alternative energy. The volume of investments for the project implementation is 165 million manat. This project is planned to be financed through a loan from the German Development Bank (KfW) and the state share (10-25 percent).

It is planned to spend 75 million manat to implement the Hovsan aeration station construction project. The sources of funding will be provided by the Azerbaijani government (10-25 percent) and POSCO.

Around 80 million manat will be required to finance the project "10,000 houses/10,000 power plants' with a total capacity of 50 megawatts. They will be ensured through the share of the country's government (with a stake of 10-25 per cent) and private investments.

The project of creating the Absheron solar park with a capacity of 25 MW is planned to be financed the expense of the Azerbaijani government (10-25 percent) and a loan of the Japanese International Cooperation Agency (JICA). The project is estimated at 87.5 million manat.

The official exchange rate is 0.7855 AZN/USD on July 31.

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