May 13 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) has recently approved the provision of up to USD 51 million (EUR 48.3m) in long-term senior debt for a 230-MW solar project in Azerbaidjan.

The beneficiary is a special purpose vehicle of project sponsor Abu Dhabi Future Energy Company PJSC, better known as Masdar, which is building the particular solar park on a site located 9 km northwest of the Alat settlement in eastern Azerbaijan.

The total project cost is estimated at USD 250 million and in addition to EBRD, a number of other international financial institutions are also expected to provide financial support.

Masdar announced the start of construction work in March, saying it expects to complete the solar plant next year. Once up and running, the facility will be able to generate enough electricity to supply some 110,000 homes.

(USD 1.0 = EUR 0.947)

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