The Asian Development Bank (ADB) has offered a preferential loan in the amount of USD 35.7 mln. for Masdar Azerbaijan LLC, which has been established for the implementation of a project for construction and operation of Garadagh Solar Power Plant that will be constructed by UEA's Masdar Company in Azerbaijan, ADB told APA-Economics.
The project supports three operational priorities of the Bank's 2030 Strategy: combating climate change, building resilience to climate and disasters, and improving environmental resilience.
The project also contributes to ADB's Country Partnership Strategy 2019-2023 to help reduce Azerbaijan's dependence on oil exports and improve economic sustainability by supporting the development of the non-oil private sector and improving access to finance.
Note that the project will be sponsored by the UAE company Masdar.
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