The European Bank for Reconstruction and Development (EBRD) is contemplating a loan of up to USD 180 million (EUR 161.2 million) for two solar initiatives in eastern Azerbaijan, backed by the UAE-based renewable energy developer Masdar. Together, these projects will have a capacity of 760 MW.
Should the loans be approved, they will provide long-term financing to aid in the development, construction, and operation of the 315-MW Banka Solar project and the 445-MW Bilasuvar Solar project, as detailed in two notices published by the EBRD.
The proposed funding includes a loan of up to USD 80 million for the Banka project, which is situated in the Neftchala region, while the Bilasuvar project may receive up to USD 100 million. The total projected costs for these two projects are estimated at USD 283 million for Banka and USD 383 million for Bilasuvar.
Currently, both loans are in the "concept reviewed" phase, with a deadline for approval set for October 22. In June, Masdar, in partnership with the State Oil Company of Azerbaijan Republic (SOCAR), marked the commencement of three renewable energy projects totaling 1 GW, which includes the Banka and Bilasuvar projects.
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