Azerbaijan, Baku, Jul.8/ Trend R.Zamanov
The Azarbaijan Regional Power Company has signed three memorandums of understanding with Iranian and Chinese companies, the company's managing director said on Monday.
Two of the MoUs were signed with domestic firms, the IRNA News Agency quoted Ali Baharvand as saying.
"A domestic company will invest $320 million dollars in the construction of 250 wind turbines," he said.
"Another domestic company with finance a $73.5 million dollars in a cable laying project," Baharvand added.
"A Chinese company will also invest over 10 million dollars in a solar panel project," he concluded.
It was announced in January that the Islamic Development Bank has granted a loan of 125 million euros to the Azerbaijan Regional Power Company, IRNA reported.
The company provides Iran's provinces of East and, West Azerbaijan as well as Ardebil with electricity.
The company's president Ali Baharband said it has requested a loan for launching eight electricity infrastructure projects in the aforementioned provinces.
According to the agreement, the loan has been given for four years, after which, the company would be repaying it every six months.
New projects to be funded by the given loan would include building new power stations and high voltage and transmission lines in East Azerbaijan, West Azerbaijan and Ardabil province