Azerbaijan, Baku / corr. Trend / Azerenergy company informed Trend that the construction work in the Sumgayit Hydro-power Grid, where a 517MW gas-steam device is being installed, will be completed by the end of this year. The assembly of the equipment is currently underway.
The construction of the gas-steam rig is estimated at €257mln. A finance agreement on the project was signed with Bayern LB Bank, Germany, Societe de General, France and BNP Paribas, France. All three banks will take on identical loans with an interest rate of Libor +0.55%.
Within the framework of the project it is planned to build a 107km length high-voltage electricity transmission line. It is planned to construct a gas pipeline for the gas supply to the electricity power stations. Its budget is estimated at €30mln.
Azerenerji signed an agreement with German company Siemens to construct the gas-steam device in Sumgayit. The contract covers the 'turnkey' construction of a 517MW gas-steam device in the territory of Sumgayit City.