Accra:Efforts to enhance energy efficiency and optimize energy consumption are progressing in Azerbaijan with the financing of the first project under the Energy Efficiency Fund. This initiative results from a cooperation agreement between the Azerbaijan Energy Regulatory Agency (AERA) and Kapital Bank OJSC, providing preferential loans through an authorized credit institution.
According to Azerbaijan State News Agency, the project focuses on the installation of solar panels by active consumers. It is anticipated to save around 50,000 cubic meters of natural gas and reduce carbon emissions by 100 tonnes annually.
This year, AERA established cooperation agreements with 14 leading banks in Azerbaijan, including Kapital Bank, to offer preferential loans from the Fund via authorized credit institutions. These loans aim to provide individuals and legal entities with better financing opportunities to pursue energy-efficiency and renewable energy projects.