AZE.US
PAŞA Bank has provided about 8 million manats ($4.7 million) to finance the 25-megawatt Shams 1 solar power plant in Nakhchivan. Once operational, the facility is expected to supply electricity to roughly 19,000 households.
The bank is the project’s sole financial partner, according to PAŞA Bank Deputy Chairman Bahruz Nagiyev.
Shams 1 is one of two new solar projects in the Nakhchivan Autonomous Republic with a combined capacity of 50 MW. The second, Garbi Ufuq, will also have a capacity of 25 MW.
Azerbaijan’s Energy Ministry says the two projects together are worth more than 60 million manats ($35.3 million). An investment agreement, power-purchase agreement and grid-connection agreement have been signed for Shams 1.
The projects are intended to strengthen Nakhchivan’s electricity supply and increase the share of renewable generation in the region.