OPEC allocates loan for construction of wind power plant in Azerbaijan

The OPEC Fund for International Development (the OPEC Fund) has approved more than $600 million in new development financing at the meeting of its Governing Board today and in the final quarter of 2023, Report informs, citing OPEC.

The 18 new projects reflect the OPEC Fund’s commitment to advancing sustainable social and economic development in its partner countries. The new funds will support projects in the transportation, health, education, and energy sectors, and will promote climate action and food security, and bolster international trade.

Thus, a $50 million loan to ACWA Power Wind Azerbaijan Renewable Energy will support the construction of a 240 MW Khizi-Absheron wind power plant, strengthening the electricity supply, diversifying the energy-mix and reducing carbon emissions.

The OPEC Fund Governing Board approved the following projects:

Public sector operations: China ($50 million), Comoros ($17 million), Liberia ($20 million), Madagascar ($30 million), Malawi: ($20 million), North Macedonia (€50 million), Paraguay ($50 million), Senegal (€38.03 million), Tajikistan ($10 million), Tanzania ($41 million), Türkiye ($50 million).

Private sector and trade finance operations: Armenia ($20 million), Azerbaijan ($50 million), Bangladesh ($30 million), Nepal ($25 million), Uganda ($25 million), Uzbekistan ($35 million), and Regional Africa ($40 million).