Investment in the construction of a solar plant with a capacity of 230 megawatts is estimated at $225-$240 million.

Azerbaijan exports natural gas to Turkey and Europe through the Southern Gas Corridor and continues to make inroads into an energy market which until now has been dominated by Russia.

The country reduced oil exports by 13.9 percent year-on-year to 4.9 million tonnes and increased exports of natural gas by 19.4 percent to 3.96 bcm.

Oil and gas condensate production fell by 6.2 percent year-on-year to 5.465 million tonnes in January-February, while natural gas output rose by 12.4 percent to 7.684 bcm.

The bank raised the upper level of the rate corridor to 9.25 percent from 9.00 percent and the lower level - to 6.25 percent from 6.00 percent.