The World Bank has approved Azerbaijan Scaling-Up Renewable Energy Project (AZURE) today,, News.Az reports citing the World Bank.
According to the information, the project will strengthen Azerbaijan's electricity transmission network and provide the country with an opportunity to diversify its energy mix.
A loan of USD 173.5 million will support Azerbaijan's efforts to expand and modernize its energy infrastructure.
At the initial stage, the project will help implement private investments totaling USD 384 million and pave the way for future investments in renewable energy.
This project, which will enable the delivery of reliable, affordable, and sustainable electricity, will help Azerbaijan to achieve its long-term goal on energy security.
