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European Bank ratifies allocation of $ 51 million loan for construction of Garadagh HPP

12 May 2022 10:15 (UTC +04:00)

The European Bank for Reconstruction and Development (EBRD) has ratified the allocation of a long-term preferential loan of the US dollars$ 51 million for the development, construction, and further operation of the Garadagh Solar Power Plant (HPP) to be built in Azerbaijan by the UAE's Masdar. Approved, APA-Economics reports citing EBRD.

According to the information, Masdar Azerbaijan Energy LLC, established for implementing the project in the country, is the borrower of the project. The UAE company Masdar will sponsor the project.

Notably, several other international financial institutions, including the Asian Development Bank, are expected to support the project.