EBRD president eyes visiting Azerbaijan in September

President of the European Bank for Reconstruction and Development Odile Renaud-Basso plans to visit Azerbaijan in September, Head of the EBRD Resident Mission in Azerbaijan Kamola Makhmudova told Report.

“The arrival of the president of the bank in September is being discussed. The main focus will be Azerbaijan’s important role in food security, transport communications and energy,” Makhmudova said.

Also, the EBRD is launching the STAR Ventures project in Azerbaijan for the first time, which is aimed at unlocking the potential of startups in this country, she added.

In addition, the EBRD will soon sign two new projects with Azerbaijan in solar and wind energy.

The EBRD will provide a long-term loan of up to $105 million for the development, construction and operation of a 240 MW wind farm located in Khizi and Absheron districts. Loan approval by the EBRD Board of Directors is expected on July 20. The total cost of the project is $300 million. The borrower of the loan will be ACWA Power Azerbaijan Renewable Energy, a limited liability company established in Azerbaijan by ACWA Power, which is the sponsor of the project.

The EBRD approved a $51 million long-term loan in May for the development, construction and operation of a solar photovoltaic power plant with an installed capacity of 230 MW on a site located 9 km northwest of Alat settlement in eastern Azerbaijan (the Alat Solar project - a solar power plant Garadagh).

The total cost of the project is $250 million. The project is being implemented by PJSC Abu Dhabi Future Energy Company (Masdar).