European Bank ratifies allocation of $51m loan for construction of Garadagh HPP

European Bank ratifies allocation of $51m loan for construction of Garadagh HPP

The European Bank for Reconstruction and Development has ratified the allocation of a long-term preferential loan of the $51 million for the development, construction, and further operation of the Garadagh Solar Power Plant to be built in Azerbaijan by the UAE's Masdar approved, Qazet.az reports according to EBRD.

Masdar Azerbaijan Energy LLC, established for implementing the project in the country, is the borrower of the project. The UAE company Masdar will sponsor the project.