Azerbaijan’s Energy Ministry and International Finance Corporation, a member of the World Bank Group, have signed a memorandum of understanding on cooperation in the use of offshore wind energy resources.
The memorandum was signed in the context of the common goals of the ministry and IFC, such as promoting the use of renewable energy sources in Azerbaijan and supporting the participation of the private sector in this area to improve financial sustainability and efficiency of the energy sector.
Energy Minister Parviz Shahbazov noted that renewable energy has been determined by the head of state as one of the significant priorities of Azerbaijan’s socio-economic and diversified development course, as well as achieving a clean environment by 2030.
“It is necessary to use the offshore wind energy potential to ensure that the renewable energy has a significant position in production and consumption,” the minister added.
He emphasized that the rich energy resources of the Caspian Sea are an important source for the development of not only the hydrocarbon industry but also the green energy sector.
According to the memorandum, cooperation with the IFC envisages initially an assessment of the potential of offshore wind power in Azerbaijan and the roadmap development. At the next stages, it envisages the tender management related to relevant offshore projects, the definition of partnerships with the private sector, and the implementation of auxiliary investments.