EBRD Loans $92 Million To Clean Up Azerbaijani Power Plant

LONDON -(Dow Jones)- The European Bank for Reconstruction and Development said Wednesday that it's granting a $92 million loan to Azerbaijani power utility Azerenerji to help cut carbon dioxide emissions and improve reliability and safety at the company's 2,400 megawatt oil and gas fired plant AzDRES.

"The loan will be used to finance a recently signed contract between the state-owned power utility Azerenerji and China National Electric Equipment Corporation to improve the plant's reliability, efficiency, health and safety conditions and to reduce carbon dioxide emissions. The financing complements an initial $115 million loan by the EBRD signed in November 2006," a release by the EBRD says.

The ERBD adds that the project to cut CO2 emissions at the power plant may be eligible to participate in the Kyoto protocol Clean Development Mechanism.



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