PAŞA Bank has provided financing for a $58.6 million battery energy storage project being built in Azerbaijan by Türkiye’s YEO Teknoloji for state power company AzerEnerji.
YEO said the financing agreement has been signed, all preliminary lending conditions have been met and the loan has been disbursed. Vesti Baku reported that the bank is providing $40 million toward the project.
125 MW of Power, 250 MWh of Storage
The project calls for a battery system with 125 megawatts of power and 250 megawatt-hours of storage capacity. It will be delivered under an EPC-F model covering engineering, procurement, construction and financing, with the completed facility handed over on a turnkey basis.
The installation will include a high-voltage substation and equipment to integrate the batteries into Azerbaijan’s power grid. The system is intended to balance electricity production and consumption while smoothing fluctuations from renewable generation.
Interfax previously reported that the YEO-AzerEnerji contract was worth $58.6 million and that two battery systems with a combined storage capacity of 500 MWh entered service in Azerbaijan in the second quarter of 2026. The new project would add another 250 MWh if completed as announced.