OREANDA-NEWS. October 29, 2009. It has been specified the size of the loan approved by the Islamic Development Bank (IDB) for financing the construction of electric power station Canub nearby Ali-Bayramli (Shirvan) thermal station (capacity: 750 MW). At the same time Canub’s capacity was increased from original plan’s 780 MW up to 800 MW.

The Azerbaijani government reports that IDB Board of Directors considered and endorsed a USD 134 million loan for station’s construction within the framework of co-operation with Azerbaijan for period until 2012.

“And the maximum size of the loan was defined in USD 200 million. Signing of a relevant loan agreement is being prepared,” a government source said.

Originally the IDB was ready to extend a loan of up to USD 130 million but as a result, agreed to increase the loan sum up to USD 200 million requested by the Azerbaijani government.

Earlier Azerenerji OJC (national energy operator) indicated efficiency of the Canub project.

According to Azerenerji’s vice president Marlen Askerov, the cost of Canub construction will be less compared to other stations.

“We expect to put this station into operation until the end of 2010,” he said.

Initially commissioning of Canub to operate on both gas and black oil was scheduled for late 2009.

Within the project Azerenerjitikinti LLC signed a contract with General Electric (US) for 4 gas turbines and 4 generators.

American company GE is to implement the contract for 13 months. Canub LLC that was appointed responsible for the turnkey project is to sign contracts with some more known companies for equipment supplies within the turnkey project.