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.
