The European Bank of Reconstruction and Development approved a loan allocation of $ 51 million for the construction and operation of the Garadag solar power plant (SES) in Azerbaijan, Interfax reports with reference to EBRR.
The loan borrower will be Masdar Azerbaijan Energy Limited Liability Company, created in Azerbaijan for the implementation of the project. The construction of the station will be carried out at the expense of Masdar investments from the UAE. The project cost is $ 250 million. The station’s capacity will be 230 MW, its commissioning is planned at the end of 2023.
“The implementation of the project will provide an electricity of 110 thousand apartments, save 110 million cubic meters of gas annually and prevent emissions into the atmosphere of 200 thousand tons of carbon dioxide. The project will allow Azerbaijan to reduce dependence on the production of thermal energy, help in achieving the goals for the development of renewable energy sources” , – said in the message.