Azerbaijan News 21 October 2026 17:54 (UTC +04:00)
BAKU, Azerbaijan, October 21. PASHA Bank will provide US$40 million in financing for a new energy storage project in Azerbaijan, with a total value of US$58.6 million.
The agreement-signing ceremony was attended by Bahruz Naghiyev, Deputy CEO of PASHA Bank, and Tolunay Yıldız, Chairman and CEO of YEO Teknoloji.
The project will be carried out by YEO Teknoloji, a Turkish energy technology company, for Azerbaijan’s power system. It involves the installation of a battery energy storage system with a power rating of 125 MW and a storage capacity of 250 MWh. The work will be undertaken on a turnkey basis under the EPC-F (Engineering, Procurement, Construction and Financing) model.
Two energy storage systems with a combined capacity of 500 MWh were commissioned in Azerbaijan in the second quarter of 2026. The new project will add a further 250 MWh of storage capacity to the country's existing infrastructure.
The system is designed to improve grid stability and help maintain the balance between electricity generation and consumption. Making better use of electricity produced from renewable sources is another key objective. Alongside the battery installation, a high-voltage substation will be built to connect the new system to the electricity grid. The project is also expected to strengthen Azerbaijan’s energy security.
Sustainable financing is a central part of PASHA Bank’s long-term development strategy. In recent years, the Bank has helped finance projects covering energy efficiency, sustainable infrastructure, low-carbon transport and decarbonisation.
The partnership with YEO Teknoloji will broaden the scope of PASHA Bank’s financing activities in the energy sector. Renewable energy, the energy transition and strategic infrastructure projects remain among the Bank’s long-term financing priorities.
