Baku. Nijat Mustafayev – APA-Economics. The Asian Development Bank is ready to allocate some $40 million to Azerbaijan for developing alternative and renewable energy sources, APA-Economics quoting ADB’s official website.
According to the statement, the project aims to promote renewable energy development in Azerbaijan through developing two pilot renewable energy projects (biomass cogeneration) with a total installed capacity of 16 megawatt (MW) for efficient electricity and heating supply in Oghuz and Agjabedi regions.
According to the Bank, experience from many other countries demonstrates that biomass power generation is an effective and economic solution to convert biomass fuel to electricity and heat. With the project, it is estimated that about 95 million cubic meters of natural gas will be saved per year for export, thus increasing the government revenue by at least $5.6 million per year. The project will also result in avoidance of GHG emissions, and a reduction of 24,000 tons of carbon dioxide equivalent per year.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
