BAKU, Azerbaijan, September 20. The European
Financial institution for Reconstruction and Improvement (EBRD) is contemplating
financing a undertaking to construct a 315 MW solar energy plant within the
Neftchala area of Azerbaijan, Development reviews.
Based on the EBRD, approval of the mortgage is anticipated on
October 22.
It’s famous that the undertaking, the price of which is 280 million
{dollars}, will obtain a mortgage of as much as 80 million {dollars} from the
EBRD.
Along with the EBRD, the undertaking is anticipated to obtain
assist from quite a lot of different worldwide monetary
establishments.
The undertaking will probably be applied by Abu Dhabi Future Power
Firm PJSC (a subsidiary of Masdar).
The undertaking goals to extend the share of renewable vitality
sources in Azerbaijan’s vitality system, decreasing dependence on
pure fuel and decreasing CO2 emissions by 314 thousand tons
yearly. This may even assist the nation meet its commitments
beneath the Paris Settlement.
The undertaking will use revolutionary financing mechanisms which are
not obtainable regionally, in addition to strict environmental requirements.
Development will probably be carried out in a fashion that minimizes
environmental influence and protects biodiversity.
The undertaking is anticipated to have an effect on the vitality
transition primarily attributable to its alignment with the EBRD’s Inexperienced
Economic system Transition (GET) method as it is going to allow electrical energy
manufacturing utilizing photo voltaic vitality.