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IFC, WB may potentially co-op with Azerbaijan in implementation of first offshore wind projects

Oil&Gas Materials 25 June 2021 11:26 (UTC +04:00)

BAKU, Azerbaijan, June 25

By Leman Zeynalova – Trend:

The World Bank and the International Finance Corporation, a member of the WB group, may potentially cooperate with Azerbaijan in implementation of first offshore wind projects, Aliya Azimova, IFC Country Representative in Azerbaijan told Trend.

“In April 2021, IFC signed a memorandum of understanding with Azerbaijan's Ministry of Energy. Under the MoU, IFC and the World Bank will—over the next nine to 12 months—help the ministry assess offshore wind potential and develop a roadmap for the country. The next phase of this cooperation could potentially include the conceptualization and implementation of the first projects,” she said.

Azimova noted that by helping Azerbaijan explore and develop offshore wind energy with private sector participation, IFC and the World Bank intend to support the country’s energy transition and drive competition in the power sector.

“Also, we are optimistic that our advisory support in the offshore wind space will help bolster Azerbaijan’s renewable energy sector and will support further application of best international practices in the process of the selection and award of renewable energy projects in general,” added the IFC country representative.

The technical potential of offshore wind energy in Azerbaijan is estimated at 157 gigawatts, according to an analysis provided by the World Bank's Energy Sector Management Assistance Program (ESMAP). This represents vast potential when compared to the country's total installed capacity of around 8 gigawatts. By unleashing this potential and transitioning from oil and gas to renewable energy, the country will reduce greenhouse gas emissions and vulnerability to volatile fuel prices.

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Follow the author on Twitter: @Lyaman_Zeyn

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