IDB group contributes to renewable energy development in Azerbaijan

Turkey, Istanbul, Oct. 12 /Trend special corr. I.Khalilova/

The Islamic Corporation for Development of the private sector (ICD, is included in the Islamic Bank of Development Group) is interested in Azerbaijan's participation in the fund on renewable energy sources established by the group, the head of the division on Eastern Europe & CIS Coverage & Partnerships Department in CIS Murad Yandiyev told Trend.

"The fund will already be formed within a six weeks with an initial capital of $50 million, $15 million of which will be covered by the Kazakh National Venture Fund and $15-20 million by ICD," Yandiyev said, noting that financing the fund for approximately $45 million has already been defined.

He said the fund is designed to support projects as shareholder from one angle and become involved in the investments from other resources from the other.

"For instance, ICD can take part in the project as a debt partner at the same as the fund acts as a shareholder. This doesn't mean that the project cost will be limited by an amount of $50 million (the fund's capital). It could be estimated as $500 billion, considering involvement of foreign loans for its financing," Yandiyev stated.

It is known that Azerbaijan has announced an economy diversification and according to Yandiyev, the IDP group is ready to assist the country on the development of the non-oil industry through newly established funds.

"Establishment of such funds means that the bank will alienate from such traditional sectors as the oil sector. This is why their operation in the country is in Azerbaijan's interest," the ICD representative noted.

A fund on renewable energy sources has currently been established in the IDB group and the formation of a fund on food and agricultural businesses is underway.
The fund on alternative energy sources is created with an initial capital of $50 million. The activities of this fund will support the development of renewable energy sources in the CIS countries, Turkey and the Balkan countries.

"We are interested in inviting the head of the State Company on Alternative Energy Sources at the Ministry of Industry and Energy of Azerbaijan, if the country is interested in participation. We would be interested to work with her, given that Azerbaijan has announced intentions to invest some $6 billion in this sector by 2020," Yandiev stated.

Azerbaijan is developing a strategy for the use of alternative and renewable energy sources in 2012-2020. Management of this strategy will enable the country to reach the 20 per cent threshold share of alternative energy by 2020 in the total energy consumption.

This indicator amounted to 10 per cent in 2011 (9.8 per cent - hydropower, 0.2 per cent - other types of alternative energy sources).

According to the plan, the share of alternative energy sources in the total energy consumption will be increased to 9.7 per cent by 2020. Azerbaijan is an oil and gas country and electricity producer. The country produces about 50 million tons of oil, 27 billion cubic meters of gas and more than 18 billion kilowatt / hours of electricity. All this requires the use of new technologies in order to reduce and prevent emissions from the mining, fuel combustion and gas.

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