The European Bank for Reconstruction and Development (EBRD) has approved a loan of $100 million to finance a 445-megawatt solar photovoltaic power plant in Azerbaijan's Bilasuvar region, EBRD announced, Report informs via Xinhua.
This project aims to enhance Azerbaijan's renewable energy capacity and reduce reliance on natural gas, aligning with the country's commitments under the Paris Agreement.
Developed by Bilasuvar Solar SPV LLC and sponsored by Abu Dhabi Future Energy Company PJSC, the project is expected to save around 442,000 tonnes of CO2 emissions annually. Total project costs are estimated at $380 million, with additional support anticipated from other international financial institutions.
Categorized as being environmentally sustainable, the project includes measures to mitigate impacts on biodiversity and adheres to local and international standards.