EBRD approves US$ 500 M financing for Trans-Anatolian Natural Gas Pipeline
The European Bank for Reconstruction and Development (EBRD) Board of Directors has approved a US$500 million regional project that will help finance the delivery of crucial energy supplies from the Caspian Sea through to Europe along the Southern Gas Corridor (SGC) and make an important contribution to energy security and diversification.
The EBRD financing will fund the completion of the Trans-Anatolian Natural Gas Pipeline (TANAP) that passes through Turkey. TANAP is a key part of the SGC which will strengthen Europe’s energy security, promote interconnectivity and open gas markets. It will also help provide a better energy supply mix for consumers in the Balkans and south-eastern Europe as well as achieve significant CO2 reductions through the substitution of obsolete coal-fired power plants.
The shareholders of TANAP are the State Oil Company of Azerbaijan (SOCAR) (58 %), Botas (30 %) and BP (12 %).
The World Bank (WB) would also allocate some funds to the project, according to Bloomberg.
The Southern Gas Corridor includes gas infrastructure investments into a 3,500-kilometre pipeline running through six countries with a total cost of US$40 billion. The key components are the Shah Deniz offshore gas field in Azerbaijan, the Southern Caucasus Pipeline in Azerbaijan and Georgia, TANAP in Turkey and the Trans Adriatic Pipeline (TAP) through Greece, Albania and Italy. The initial annual throughput capacity will be up to 16 billion cubic metres, which is equivalent to the annual energy consumption of more than 10 million households in the region.
During the last 2 months we have reported about several news related to the EBRD:
- Egypt launches tenders for 250 MW solar park in Gulf of Suez
- MPC Capital secures financial closure for windpark in Mongolia
- FRV achieves FC for 51 MW Jordan solar project
- EBRD and IDC to finance 50 MW solar project in Aswan, Egypt
- Masdar-led joint venture agrees financing for largest wind farm in Serbia
- EBRD signs first project under Greek Renewable Energy Framework
- Lending trio to finance Acwa’s Risha PV
- EBRD, Proparco to finance two 50-MW solar projects under Egypt's round 2 FiT
