EBRD raises conditions on loan for Azerenerji JSC
The European Bank of Development and Reconstruction (EBRD) proposed to inject some changes into the conditions on allocation of the loan to Azerenerji JSC for reconstruction of 8 energy blocks of the thermoelectric power station in Mingachevir, Trend reports quoting Marlen Asgarov, the Vice President of the Company. The changes concern the terms of increase of energy tariffs in the country.
Nevertheless, the rest terms made the Company refuse from the loan are valid.
According to the representatives of the Azerenerji JSC, stage-by-stage allocation of funds may have impact on terms of the implementation of the project. Such conditions are not convenient to the Company.
Earlier Asgarov said they were currently holding negotiations with other banks on allocation of loan for the project. The implementation of the projects requires around $150m.
In February the Company jointly with the specialists of the Saint Petersburg Siloviye Mashini plant reconstructed the 5th energy unit at the station at the expense of own funds. It capacity increased from 100-130MW to 330MW. The same time fuel consumption considerably dropped. At present all other energy units work at half capacity due to depreciation of equipment. They need reconstruction.