12:11 - 4.08.2022
August 4, Fineko/abc.az. Japan International Cooperation Agency (JICA) has signed a loan agreement with Masdar Azerbaijan Energy LLC, which is building a solar power plant (SPP), for the purpose of financing the project, ABC.AZ reports, citing the Embassy of Japan in Azerbaijan.
It is the first project in Azerbaijan since the resumption of Private-Sector Investment Finance and is co-financed by the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), and the Abu Dhabi Fund for Development (ADFD).
Earlier it was reported that Azerbaijan's goal of diversifying its energy balance received a significant boost after the decision to provide a financing package in the amount of $114.2 million from the EBRD, the ADB, JICA and ADFD. These funds will be used to put into operation a photovoltaic solar power plant with capacity of 230 MW, located near Alat settlement in eastern Azerbaijan, the EBRD says.
