EBRD supports development of renewable energy in Azerbaijan(Exclusive)

Oil&Gas Materials 16 November 2018 22:39 (UTC +04:00)

Baku, Azerbaijan, Nov. 16

By Sara Israfilbayova - Trend:

The European Bank for Reconstruction and Development (EBRD) will consider the possibility of financing the renewable energy projects in Azerbaijan, after they are developed as part of the bank's technical assistance, Ivana Duarte, head of the EBRD Baku office, told Trend.

Presently, EBRD pays special attention to development and capacity-building in the Agency for Regulation of Energy Issues of Azerbaijan, Duarte said, adding that cooperation with Azerbaijan's Ministry of Energy is also at a high level.

Duarte said the bank supports the revision and development of the necessary legal and structural bases for renewable energy in Azerbaijan.

In addition, the power supply systems are being studied and all these activities are funded through the EBRD technical assistance, Duarte said.

Once the projects are ready for implementation, EBRD will consider them for possible financing, she added.

Azerbaijan is currently taking serious steps to develop alternative energy. To this end, negotiations are underway with foreign companies and investors, including companies from China, the UAE, the US and the EU.

For example, the Norwegian company DNV GL will help create a support system and a legal framework in Azerbaijan's alternative energy sector.

Most of Azerbaijan's potential in this sector comes from the solar energy and this potential is estimated at 5,000 megawatts.

Wind power accounts for 4,500 megawatts, biomass for 1,500 megawatts, geothermal energy for 800 megawatts, and the remaining 350 megawatts account for small hydropower plants.

The potential of renewable energy sources in Azerbaijan exceeds 25,300 megawatts, which will allow generating 62.8 billion kilowatt hours of electricity annually.

According to the State Statistics Committee of Azerbaijan, in January-September 2018, hydropower production amounted to 1,422.3 kilowatt hours, solar energy to 31.7 kilowatt hours and wind power to 31.9 kilowatt hours.