BAKU, Azerbaijan, July 12. The European Investment Bank (EIB) stands ready to consider financing of projects in renewable energy and energy efficiency sectors in Azerbaijan, a Bank spokesperson told TurkicWorld.
"Our priorities in Azerbaijan feature the promotion of balanced and sustained economic development, especially for rural areas, the reduction of inequalities and the diversification of energy sources in the country," said the EIB.
The Bank representative noted that in addition to the climate action, which is an overarching priority for the EIB, EIB Global`s activities focus on different priority areas including cohesion, innovation, digital and human capital, small and medium-sized businesses, sustainable cities and regions, and sustainable energy and natural resources.
"The EIB is discussing with the government of the Republic of Azerbaijan and various relevant stakeholders’ possible areas of cooperation, including the potential projects described in the EU Global Gateway initiative as well as EU Economic and Investment Plan," said the EIB spokesperson.
The source said the EIB is a policy-driven bank and in order to qualify for EIB Global financing, the projects must promote the priorities and objectives of the European Union and the EIB.
"All the projects we finance must be bankable. But they also must comply with high technical, environmental and social standards. The combined expertise of our economists, engineers, financial analysts, and climate specialists ensures the success of the projects," added the spokesperson.
Azerbaijan is one of the countries with a high potential for renewable energy sources. Thus, the potential of renewable energy sources, which are economically viable and technically feasible, is estimated at 27,000 MW, including 3,000 MW of wind energy, 23,000 MW of solar energy, 380 MW of bioenergy potential, and 520 MW of mountain rivers.
The country has major renewable energy projects jointly implemented with Masdar, ACWA Power and bp.
About 25 percent of Azerbaijan's internal water resources fall to the share of the liberated territories, which is approximately 2.56 bcm annually. In particular, there is a favorable potential for the implementation of solar energy projects in the liberated territories. Thus, Zangilan, Jabrayil, Gubadli, and Fuzuli districts are the second most favorable districts in the country followed by Nakhchivan Autonomous Republic according to the solar radiation observed.
As a result of the initial observations, the relevant areas with favorable solar radiation were identified. The potential of solar energy in the liberated territories is estimated at more than 7,200 MW.
According to the concept of the creation of "green" zones, the electricity consumed in Azerbaijan’s liberated areas will be generated only from renewable energy sources.
