The Asian Development Bank (ADB) is considering projects related to solar, wind and other types of green energy in Azerbaijan, David Urbaneja-Furelos, ADB Senior Investment Specialist, told Report.
The ADB official added that the bank is one of the first to support energy projects in the private sector in Azerbaijan: "We expect more from such projects."
On May 30, the ADB Board of Directors approved a $35.7 million loan to Masdar Azerbaijan Energy LLC to develop, construct, and operate the 230 MW Garadagh Solar Power Plant (HPP) in an area 9 km northwest of Alat settlement in Garadagh district.
The project supports three operational priorities of the ADB's 2030 strategy: combating climate change, increasing resilience to climate change and natural disasters, as well as increasing environmental resilience. The project also contributes to the implementation of the ADB's partnership strategy with Azerbaijan for 2019-2023.
The project consists of three components: the construction of a solar photovoltaic plant and a new substation, a 330 kV overhead transmission line connecting the local substation with the national grid, and the improvement of roads for the construction of a new bypass road parallel to the existing one.