The International Finance Corporation (IFC) on 24 July announced a €300m ($337m) financing package for expansion of the Azito Energie gas power plant. The project, known as Azito IV, will add a 181MW gas turbine and 72MW steam turbine to operate in combined cycle, taking total installed capacity to 710MW, with an anticipated production of 2,170GWh/yr. The IFC said the additional power from Azito would displace less efficient and older thermal units in the market, substantially reducing costs and emissions, and contribute to meeting growing domestic and regional electricity demand.