The European Bank for Reconstruction and Development (EBRD) will lend loan of up to USD 30 million to Azerenerji OJSC, the EBRD told Paralel.Az-Economics.

According to the Bank, the loan was directed to support the purchase of autotransformer equipment for reinforcing works at four operational substations in Azerbaijan.

The Project will help to improve the flexibility of the power system in Azerbaijan required to integrate renewable energy capacities.

The Republic of Azerbaijan represented by the Ministry of Finance will act as the borrower.

Azerenerji OJSC will act as the implementing entity for the Project.

Note that up to date, EBRD has invested EUR 3.624 billion in Azerbaijan within the framework of 189 projects, and 83.6% (EUR 3.024 billion) of the said volume has already been taken by the borrowers.

The private sector accounted for 26% of total investments.