OPEC allocates loan for construction of wind power station in Azerbaijan

The OPEC Fund for International Development (the OPEC Fund) has approved a $50 million loan to ACWA Power Wind Azerbaijan Renewable Energy, intended for constructing a 240 megawatt wind power plant, diversifying energy sources and mitigating carbon emissions in Azerbaijan.

The Fund authorized $600 million in financing for 18 new projects which reflect the OPEC'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, Report informs.