The European Bank of Reconstruction and Development (EBRD) has not change its decision to allot the loan to Azerenerji JSC, Trend reports quoting Raymond Konvey, the head of the EBRD representation in Azerbaijan. If Azerenerji needs funds from general loan at implementation of the project on reconstruction of AzSDPS, EBRD will allot them. The bank supposes to allot the loan on base of tranches.
According to Azerenerji, the conditions of EBRD do not satisfy the Company, as the bank supposes to allot the funds by tranches. It may have impact on the terms of the implementation of the project.
EBRD has raised one of the conditions regarding of increase of energy tariffs in the country. The implementation of the project 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.