(MENAFN- AzerNews) By trend
The European Bank for Reconstruction and Development (EBRD) is
interested in financing the construction of a wind power plant in
the Absheron peninsula, Matteo Patrone, Managing Director, Eastern
Europe and the Caucasus (EEC) at the EBRD, told trend .
'Notably, we invested in the construction of the first privately
owned, utility-scale solar power plant in Garadagh. We are also
interested in financing the construction of a wind power plant in
the Absheron peninsula. All this, of course builds on a multiyear
technical assistance work provided to the Ministry of Energy. Among
other things, we have supported the introduction of a the
legislative framework for renewable energy, the setting up of the
energy regulator, and helped the ministry conduct a grid
strengthening study, which we hope will be conducive to invest in
grid improvements across Azerbaijan,' he said.
More recently, the EBRD signed a MoU with the Ministry of
Energy. Once the current engagements will be brought to fruition,
the Bank will continue supporting the development of low carbon and
climate resilient power sector in Azerbaijan, in line with the
country's commitments under the Paris Agreement.
'This may include further development of renewable energy,
development of sectoral low carbon pathway for the power sector,
grid enhancement, improved energy efficiency, methane emissions
reduction and gradual introduction of innovative technologies,
including hydrogen,' Patrone explained.
The EBRD also stands ready to support Azerbaijan in the
expansion, upgrade and digitalization of Azerbaijan's energy grid
to assist the country in transporting green energy to Europe.
'We very much support bringing the Caucasus closer to the
European Union, be it in renewable energy, transport
infrastructure, or policy reform. As I mentioned earlier,
Azerbaijan has a great potential when it comes to the development
of renewables. As for different routes for transportation, we will
have to look at them on project-by-project basis. This can only be
done in case there is a relevant proposal to our Bank. Recently we
saw that President Ilham Aliyev, together with leaders of Romania,
Georgia, Hungary, and the President of the European Commission von
der Leyen signed a memorandum of understanding for the development
of the Black Sea Energy submarine cable,' he said.
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