The European Bank for Reconstruction and Development (EBRD) has approved two loans totalling US$180m to finance two solar projects in Azerbaijan totalling 760 MW. Specifically, the EBRD has approved a loan of US$100m to finance a 445 MW solar PV power plant in the country’s Bilasuvar region, as well as an US$80m loan to support the development, construction, and operation of a 315 MW solar PV plant in Azerbaijan's Neftchala district.
The project in Bilasuvar, whose total cost is estimated at US$380m, is expected to offset emissions by around 442 ktCO2/year, while the project in Neftchala, whose total cost is estimated at US$280m, will offset emissions by 314 ktCO2/year.
Azerbaijan’s installed capacity stood at 6.7 GW at the end of 2023, with thermal accounting for 75%, hydropower for 20%, solar for 4% and wind for 1%. The country aims to increase the share of renewables in its power capacity up to 30% by 2030.
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