Construction of major power plant completed in Azerbaijan
Azerbaijan has completed work on the construction of the Cenub gas turbine station, state-owned energy company Azerenergy told Trend news agency.
"Construction of the station has been completed and preparation work is currently underway," it said.
As the company said earlier, the station is planned to be commissioned by late 2012.
The capacity of the Cenub power plant will be 780 megawatts.
The plant will work on three types of fuel: gas, diesel and fuel oil. From this point of view, the power plant is unique and has no analogue in the countries of Eastern Europe and the CIS.
Commissioning of the new power facility will enhance energy security of the Absheron peninsula and southern regions of the country, as well as improve efficiency of power transmission and distribution systems.
The total project cost is estimated at 664.1 million euros funded by a consortium of three banks, Bayerische Landesbank, Societe Generale and Credit Suisse, contributing 300 million euros to the project. The loan is provided under a state guarantee for 10 years.
The Islamic Development Bank has approved funding to the amount of 134 million euros.
In addition, the OPEC Fund for International Development has allocated $20 million, while the Abu Dhabi Fund for Development contributed $60 million.
The remaining part of the project cost is covered by a loan from the Central Bank of Azerbaijan.
The official exchange rate is 0.7849 manat to $1 on Dec.18.
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