Azerbaijan reveals volume of loans to be allocated for green energy projects

Azerbaijan will allocate loans for renewable energy projects in the country, Samir Akhundov, Chairman of the Board of the Energy Regulatory Agency under the Ministry of Energy, stated during the 30th Anniversary Baku Energy Forum, according to Report.

Akhundov noted that Azerbaijan will allocate credits for three types of projects related to renewable energy: "This includes small, medium and large-scale projects. The amount for the smallest projects is 1,000 manats ($588). This is the starting point."

Regarding the largest project, the chairman noted that it will be 10 million manats ($5.88 million): "Ten million manats is the maximum amount for us. The grace period for it is 24 months. When looking at other projects, this is lower. We do this with the aim of allowing the customer to build their project and start using it."

He believes that 24 months is very good as a grace period. Regarding the interest rate, as noted by the head of the agency, a decision has not yet been made on this matter.