Baku, Azerbaijan, Jan.17
By Leman Zeynalova – Trend:
The European Bank for Reconstruction and Development (EBRD) is interested in supporting Azerbaijan in developing its renewable energy potential, Trend learned from EBRD.
“In September 2017, the EBRD signed a Letter of Intent with the Ministry of Energy of Azerbaijan to cooperate on developing energy sector regulation in the country as well as supporting the development of renewable energy potential,” said a source in the bank.
The source noted that EBRD sees strong potential for the development of renewable energy in Azerbaijan under a supportive regulatory framework.
“The EBRD launched the Green Economy Transition (GET) approach in 2015 to put investments that bring environmental benefits at the heart of our mandate. The EBRD is a key financier of renewable energy across the region and has substantial experience in financing renewable energy projects across its countries of operation, and is interested in supporting Azerbaijan in developing its renewable energy potential,” added the source.
Azerbaijan has been cooperating with the EBRD since 1997. Since the start of its operations in the country, the bank has invested over $2.8 billion in 163 projects in the financial, corporate, infrastructure and energy sectors, with 58 percent of those investments in the private sector.
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