21 Feb 2024 16:15

Azerbaijani govt wants to attract private investor for construction of a 500 MW gas turbine power plant

BAKU. Feb 21 (Interfax) - The Azerbaijani government has invited private investors to build a 500 MW gas turbine power plant (GTPP) near the Azerbaijani capital, the Ministry of Energy told Interfax.

Four companies have shown interest in the project: Nobel Energy Group (part of the NEQSOL Holding), Cengiz Enerji, one of the largest industrial conglomerates in Turkey, Turkish CCN Holding and SC Consortium. Their proposals are currently being analyzed by consulting company KPMG. The future gas turbine power plant will be located on the territory of Yashma, 40 km from Baku.

KPMG also submitted the initial versions of the contract for the purchase and sale of electricity for the future power plant to the Ministry of Energy, as well as an investment agreement and a land lease agreement.

"Currently, relevant discussions are underway to this end. However, taking into account the expansion of the generating capacity of the Azerbaijan Thermal Power Plant to 1280 MW and the implementation of renewable energy source projects, it was considered advisable to begin construction of a station on the Yashma site after 2025," the ministry said.