“One of the strategic priorities of the IFC in Azerbaijan is to support the country's transition to a new development model in which the private sector participates,” IFC Director for Europe and Central Asia Wiebke Schloemer said.
“The private sector development can be enhanced by assisting your country which is rich in oil and gas to determine and develop offshore wind energy potential and support the energy transition. This will play a catalytic role in the development of infrastructure of Azerbaijan and the fight against climate change”.
A Memorandum of Understanding was signed between the Azerbaijani Ministry of Energy and the International Finance Corporation (IFC), a member of the World Bank Group, on cooperation in the use of offshore wind energy for the development of renewable energy sources in Azerbaijan, Trend reports citing the ministry.
The memorandum was signed in the context of the common goals of the Ministry of Energy and the IFC, such as promoting the use of renewable energy sources in Azerbaijan, as well as supporting private sector participation in this sphere to improve the financial sustainability and efficiency of the energy sector.
"Renewable energy sources have been determined by Azerbaijani President Ilham Aliyev, as one of the important priorities for achieving the new socio-economic and diversified development course for Azerbaijan until 2030, as well as the clean environment,” Azerbaijani Energy Minister Parviz Shahbazov said.
“It is necessary to use the potential of offshore wind energy for renewable energy sources to have an important position in production and consumption,” Shahbazov added.
“The rich energy resources of the Caspian Sea are an important resource for the development of not only the hydrocarbon industry but also the green energy sector,” the minister said.
“The joint efforts with IFC will contribute to the development of offshore wind energy production in Azerbaijan, as well as the use of renewable energy sources and the reduction of carbon emissions,” the minister said.
“One of the strategic priorities of the IFC in Azerbaijan is to support the country's transition to a new development model in which the private sector participates,” IFC Director for Europe and Central Asia Wiebke Schloemer said.
“The private sector development can be enhanced by assisting your country which is rich in oil and gas to determine and develop offshore wind energy potential and support the energy transition,” Schloemer said. “This will play a catalytic role in the development of infrastructure of Azerbaijan and the fight against climate change.”
In accordance with the memorandum, the cooperation with the IFC envisages the assessment of the potential of offshore wind energy in Azerbaijan and the development of a roadmap and at the next stage - the organization of tenders related to the relevant offshore projects, the determination of partnership with the private sector and the making of additional investments.
All these operations, stipulated by the Memorandum of Understanding, will be carried out within the IFC's Offshore Wind Power Development Program.
This program is funded within the Energy Sector Management Assistance Program" - ESMAP, initiated by the World Bank Group.
In accordance with the preliminary analysis carried out within ESMAP, the technical potential of offshore wind energy in Azerbaijan is estimated at 157 GW.
Azerbaijan is a member of the IFC, operating in more than 100 countries, since 1995.