BAKU, Azerbaijan, February 10. The World Bank and Azerbaijan are in discussions regarding the development of offshore wind energy, the World Bank's Regional Director for the South Caucasus Rolande Pryce said in an exclusive interview with Trend.
Pryce pointed out that the World Bank, teaming up with the International Finance Corporation (IFC) and the World Bank Group, has rolled up their sleeves to dive into analytical work and research aimed at uncovering the potential of offshore wind energy in Azerbaijan.
"However, we also have been working with the government through our analytical work and studies, and that is the World Bank Group, the World Bank, as well as the IFC, on an offshore wind assessment. There is huge potential in Azerbaijan for offshore wind. And now we provided the assessment to the government. The government is very happy with that. It's actually quite a complicated project to implement because you have to think about financing," she said.
Pryce emphasized that implementing offshore wind energy is a complex process that requires detailed consideration of financing.
"It's generally very expensive at the outset, initial investments, but it will have quite a significant output in terms of renewable energy. So we are in discussions with the government now to now move past the step of assessments and structuring the actual program," she added.
The director further highlighted that one of the priority areas is a project aimed at modernizing and strengthening the national energy system.
"And the grid strengthening project, it's approximately $175 million, is actually going to go towards improving the ability of the grid to evacuate power from these new renewable energy sources that are planned, solar in this instance. And what is contemplated there, in support of Azerbaijan's green energy corridor, is a project on grid strengthening," she concluded.
Azerbaijan became a member of the World Bank in 1992. Since that
time, the World Bank has assisted the nation through over 50
investment initiatives focused on economic diversification,
infrastructure enhancement, public governance, and social
advancements. Azerbaijan has gained from numerous advisory and
technical aid programs aimed at enhancing capacity and executing
changes in critical areas.
As regards the IFC, Azerbaijan joined this entity in 1995. Since
that time, IFC has allocated approximately $900 million to
Azerbaijan, funding nearly 60 initiatives in financial services,
infrastructure, and manufacturing, while also providing counsel on
enhancing the business climate, advancing the financial sector,
corporate governance, small and medium enterprises, and
agribusiness.
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