EBRD approves USD-51m mortgage for photo voltaic challenge in Azerbaidjan

Might 13 (Renewables Now) – The European Financial institution for Reconstruction and Growth (EBRD) has just lately accepted the availability of as much as USD 51 million (EUR 48.3m) in long-term senior debt for a 230-MW photo voltaic challenge in Azerbaidjan.

The beneficiary is a particular objective car of challenge sponsor Abu Dhabi Future Vitality Firm PJSC, higher often known as Masdar, which is constructing the actual photo voltaic park on a web site positioned 9 km northwest of the Alat settlement in japanese Azerbaijan.

The whole challenge price is estimated at USD 250 million and along with EBRD, quite a few different worldwide monetary establishments are additionally anticipated to supply monetary assist.

Masdar announced the start of construction work in March, saying it expects to finish the photo voltaic plant subsequent yr. As soon as up and working, the ability will have the ability to generate sufficient electrical energy to produce some 110,000 properties.

(USD 1.0 = EUR 0.947)

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