TODAY.AZ / Business

Azerbaijan in IDB talks

05 December 2006 [21:15] - TODAY.AZ
Etibar Pirverdiyev, President of the Azerenergy electricity company in Azerbaijan, says that Azerbaijan is in talks with the Islamic Development Bank (IDB) concerning a loan worth US$95M to finance the reconstruction of the Mingyachaur hydroelectric power plant.

According to the Interfax news agency, Pirverdiyev said that Azerenergy plans to reconstruct two generating units and a control system at the plant, and build new power lines and substations.

The reconstruction of the Mingyachaur hydroelectric power plant has been ongoing since the late 1990s. Loans for reconstruction work worth US$21M and US$12M have since then been received from the European Bank for Reconstruction and Development (EBRD) and the IDB respectively.

The plant currently has a total generating capacity of 70MW.

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