BAKU, Azerbaijan, Aug.20
By Leman Zeynalova – Trend:
The European Bank for Reconstruction and Development (EBRD) is helping Azerbaijan to identify true market prices for specific renewable energy sources, the Bank told Trend.
“We see a huge potential in the renewables sector and aim to make a real impact in this area. Continued efforts by the authorities to reform the energy market and improve the business climate are key in unlocking our own funds and mobilising financing from other sources. And the authorities are strongly committed. Reflecting this commitment, a new legislative framework for the support of renewable energy sources is currently under preparation. The draft Renewable Energy Law is expected to provide the legal basis for developing renewable energy projects in the country. It envisages different support mechanisms, including a competitive procurement scheme to select, and determine the level of support provided to various projects, for example auctions,” said EBRD.
As the leading financier of renewables in EBRD region, the Bank said it is spearheading the effort to launch competitive tendering of renewable energy through auctions in the country.
“Our work is focused on helping the Ministry of Energy to identify true market prices for specific sources of renewable energy and to create a fair, transparent auction process. We took note of the recently announced plans by the government to develop a solar and a wind pilot project. This is a promising development for this nascent sector,” said the Bank.
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