Azerbaijani bank lends nearly AZN 8M for SPP construction in Nakhchivan

PASHA Bank CJSC has allocated a loan of nearly 8 million manats (just over $4.7 million) for the construction of the Shams1 Solar Power Plant (SPP) with a capacity of 25 MW in Nakhchivan, Azerbaijan, Bahruz Naghiyev, Deputy Chairman of the Management Board of PASHA Bank, stated at a press conference dedicated to the results of the first half of 2026, Report informs.

Naghiyev highlighted that the bank acted as the sole financial partner in the project:

"The project makes a significant contribution to environmental protection, and this is the main point we are proud of. Thanks to the plant, nearly 19,000 households are expected to be supplied with electricity. As a country, we have committed to ensuring that by 2035, renewable energy will account for 30% of total energy production. Steps must be taken toward this goal. I am confident that other financial institutions also feel their responsibility in this direction and will take action. Specifically regarding Nakhchivan, green energy is very important here. Implementing renewable energy projects in the region carries great significance. The state has also financed certain projects in this field."