First project financed through Energy Efficiency Fund

Intensive efforts continue in Azerbaijan to improve energy efficiency and optimize energy consumption. The first project has now been financed under the cooperation agreement between the Azerbaijan Energy Regulatory Agency (AERA) and Kapital Bank OJSC on provision of preferential loans from the Energy Efficiency Fund through an authorized credit institution.

The first financed project in the renewables sector involves the installation of solar panels by active consumers. It is expected to save approximately 50,000 m³ of natural gas and prevent 100 tons of carbon emissions annually.

This year, AERA signed cooperation agreements with 14 leading banks across the country, including Kapital Bank, on granting preferential loans from the Fund through authorized credit institutions. The preferential loans provided by the Bank from the Fund offer individuals and legal entities more favorable financing opportunities to implement projects in energy efficiency and renewable energy.