Azerbaijan's Ministry of Energy inks MoU for offshore wind

In: Windfarms
A Memorandum of Understanding (MoU) was signed between Azerbaijan's Ministry of Energy and the International Finance Corporation (IFC), a member of the World Bank Group, on cooperation in for the use of offshore wind energy in Azerbaijan.

According to the MoU, cooperation with the IFC envisages an assessment of the potential of offshore wind power in Azerbaijan and the development of a roadmap. It is expected that the tender management related to relevant offshore projects, the definition of partnerships with the private sector, and the implementation of auxiliary investments with follow.  

Minister of Energy Parviz Shahbazov said: "Renewable Energy has been determined by the Head of State Ilham Aliyev 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 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. Cooperation efforts with IFC will contribute to the development of offshore wind energy production in Azerbaijan, as well as the use of renewable energy and the reduction of carbon emissions.”

Wiebke Schloemer, IFC Director for Europe and Central Asia, said: “One of IFC’s strategic priorities in Azerbaijan is to support the country’s move to a new private-sector led growth model. Helping the nation—rich in oil and gas resources—explore and develop offshore wind energy can increase private sector participation, while also supporting energy transition.  This will play a catalytic role, strengthening Azerbaijan’s infrastructure and tackling climate change.”

The work stipulated in the MoU will be implemented within the IFC Offshore Wind Development Program. This program is funded by the World Bank`s Energy Sector Management Assistance Program, ESMAP. The technical potential of offshore wind energy in Azerbaijan is estimated at 157 GW, according to a preliminary analysis provided by the Energy Sector Management Assistance Programme (ESMAP).    

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