Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BAKU, July 1 (Xinhua) — The World Bank and the Government of Azerbaijan have signed a $173.5 million loan agreement to support a program to expand the use of renewable energy and strengthen energy infrastructure in Azerbaijan.
As reported by the AZERTAC news agency, two documents were approved at the signing ceremony on Tuesday – a loan agreement between Azerenergy and the International Bank for Reconstruction and Development (IBRD), part of the World Bank Group, and a guarantee agreement between the Republic of Azerbaijan and the IBRD.
The four-year program envisages the modernization of the Azerenergy energy system and the safe integration of new wind and solar power plants into the general energy grid. It is planned to build four high-voltage power transmission lines with a voltage of 500 and 330 kV with a total length of 341 km, as well as the purchase of transformers and equipment for the Navahi substation.
At the signing ceremony, Azerbaijani Finance Minister Sahil Babayev said the agreement reflects the country’s strategic course for the development of sustainable and environmentally friendly energy. According to him, Azerbaijan has significant technical potential in the field of wind, solar and hydropower and aims to become not only a producer but also an exporter of green energy. -0-