A groundbreaking ceremony was held in Baku on Monday for the largest thermal power plant to be built in Azerbaijan.
Azerbaijani President Ilham Aliyev and Italian Minister of Enterprises and Made in Italy Adolfo Urso broke the ground for the 1,280-MW power plant through a video conferencing.
Addressing the ceremony, Aliyev said the power plant, which will be constructed in the city of Mingachevir, Azerbaijan's key energy supplier, will enable the country to save nearly 1 billion cubic meters of gas per year.
"As there is a great demand for Azerbaijani gas in Europe today, this will also be another contribution to Europe's energy security," he said.
The power plant will cost nearly 400 million U.S. dollars, with 60 percent of the funds to be provided by Azerenerji, the country's largest electricity producer, and the remaining 40 percent through loans.
The construction of the power plant will involve Italian and Chinese companies, and is expected to be completed in 2025, according to the president.
As part of the ceremony, Azerenerji signed a contract with Italian Ansaldo Energia on the supply of four gas turbines for the power plant.
Editor: Galia
