BAKU, Azerbaijan, October 14. The Ministry of Energy of Azerbaijan hosted the inaugural meeting of the working group focused on the implementation of the AZURE project, which aims to connect green energy to the country's power grid, Trend reports via the Azerbaijan Renewable Energy Agency (AREA) under the Ministry of Energy.
“The meeting, led by Deputy Energy Minister and working group head Samir Valiyev, featured the participation of Roger Coma Cunill, Senior Energy Expert at the World Bank; transmission network expert Teona Elizarashvili; and other specialists. Held on October 14 in a hybrid format, the discussions focused on integrating wind and solar power plants and enhancing network capabilities. Funding options for the AZURE project were also explored,” the ministry's statement noted.
The Head of the Division in charge of the International Financial-Credit Institutions at Azerenerji OJSC, Yusif Gayibov, updated attendees on the current status of the project and the necessary steps moving forward.
The working group includes representatives from the Ministry of Energy, the Energy Regulatory Agency, the Ministry of Finance, and the World Bank.
The World Bank plans to provide a loan for the AZURE project, estimated at around $250 million.
“Overall, the working group meeting covered topics such as integrating renewable energy sources into the power grid, strengthening transmission networks, constructing a 500/330 kV substation in the Hajigabul region, and building solar and wind power plants with a total capacity of 1 GW as part of projects with Masdar," AREA said in a statement.
To note, Azerbaijan aims to increase the share of renewables in its overall energy mix to 30-33 percent by 2030.