The European Bank for Reconstruction and Development (EBRD) is evaluating a loan of up to USD 180 million (EUR 161.2 million) to support two solar projects in eastern Azerbaijan developed by UAE-based Masdar.
The projects, which have a combined capacity of 760 MW, include the 315-MW Banka Solar and the 445-MW Bilasuvar Solar installations.
If approved, the financing will consist of two long-term senior loans: up to USD 80 million for the Banka project, located in the Neftchala region, and up to USD 100 million for the Bilasuvar project.
The estimated total costs for the two sites are approximately USD 283 million and USD 383 million, respectively.
Both loans are currently in the “concept reviewed” status, with an approval deadline set for October 22. This move follows a groundbreaking ceremony in June, where Masdar and its partner, the State Oil Company of Azerbaijan Republic (SOCAR), announced the initiation of three renewable energy projects totaling 1 GW, which includes the Banka and Bilasuvar initiatives.
