The Asian Development Bank (ADB) allocated $117.3 million to finance projects in Azerbaijan in 2022, according to ADB Annual Report 2022, Trend reports.

“ADB committed its first major private sector renewable energy investment in the country by signing a non-sovereign loan of $21.4 million with Masdar Azerbaijan Energy Limited Liability Company. The loan provides long-term financing for a solar power plant that will generate enough clean energy to supply 30,406 homes per year,” the report says.

The project will increase the share of renewables in an energy supply matrix dominated by fossil fuels and will spur further private-sector investment in Azerbaijan’s renewables sector.

Also, ADB attracted an additional $92.9 million in the form of co-financing.

ADB has already started a process to formulate a new partnership country strategy with Azerbaijan from 2024 to 2028.

Source: Trend News Agency