OPEC Fund approves loan for wind power plant project in Azerbaijan
The OPEC Fund for International Development (the OPEC Fund) has approved a $50 million loan to ACWA Power Wind Azerbaijan Renewable Energy to support the construction of a 240 MW Khizi-Absheron wind power plant, strengthening electricity supply, diversifying the energy-mix and reducing carbon emissions, News.az reports via the OPEC Fund.
In total, the OPEC Fund has approved more than US$600 million in new development financing at the meeting of its Governing Board on December 14 and in the final quarter of 2023.
The 18 new projects reflect the OPEC Fund’s commitment to advancing sustainable social and economic development in its partner countries. The new funds will support projects in the transportation, health, education and energy sectors, and will promote climate action and food security, and bolster international trade.
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