(MENAFN- Trend News Agency) 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 trend .
"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.
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