BAKU, Azerbaijan, Dec.23
By Leman Zeynalova - Trend:
The European Bank for Reconstruction and Development (EBRD) aims to make real impact in Azerbaijan’s renewables sector, 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 mobilizing financing from other sources,” said EBRD.
EBRD said its energy portfolio in Azerbaijan stands at EUR 425 million, most of which is the Southern Gas Corridor.
“As for the strategy, the EBRD approved one in April 2019 and it will guide our engagement in the country until 2024. A new strategy will be developed and adopted when the current one expires,” said the Bank.
In order to further develop its renewable energy potential, Azerbaijan has signed executive agreements with Acwa Power of the Kingdom of Saudi Arabia and Masdar of the United Arab Emirates for the implementation of 240-megawatt wind and 200-megawatt solar energy projects.
“We have worked out draft agreements on the sale and purchase of electricity, as well as on connection to the electricity network in order to start the construction of those plants with the investments of abovementioned companies. Currently, these agreements are in the consultation phase. It is planned to start the construction of the plants by the companies after signing the final agreements and to put them into operation by 2023,” Azerbaijan’s Energy Minister Parviz Shahbazov earlier told Trend.
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