Etibar Pirverdiyev, the president of Azerenergy, said the contract will be signed in early 2006. It will include a 20 year term loan with a three-year grace period at LIBOR rate plus 0.5% per year.
The project will increase Azerbaijan plant’s power output from 2100MW to 2500MW, enabling the country to reduce annual fuel consumption by 400,000 metric tons.
