$5m for energy efficiency in Azerbaijan

Thousands of householders and local businesses in Azerbaijan can install energy-saving measures, thanks to a $5 million (£3m) grant provided by a London-based bank.

Demirbank will use the cash to help people install energy efficient and renewable technologies such as insulation, double-glazed windows, solar water heaters and rooftop solar panels.

Baku, capital of Azerbaijan. Copyright: Thinkstock

The loan is part of the European Bank for Reconstruction and Development’s (EBRD) Caucasus Energy Efficiency Programme (CEEP).

Neil McKain, the EBRD’s Head of Office in Baku said: “Due to its large oil and natural gas resources and subsidised energy tariffs, Azerbaijan has a very low penetration rate of energy efficient technologies in its production facilities and residential sector.

“This means there is a wide range of energy efficiency opportunities in which the local financial sector and the EBRD have a crucial role to play.”

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