ADB Hails 'Central Asia-Azerbaijan' Green Energy Corridor Initiative (Exclusive)
Date
10/4/2024 12:09:41 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, October 4. The Asian
Development bank (ADB) views the initiative to establish a green
energy corridor between Central Asian countries and Azerbaijan as
highly promising and welcomes it, Head of the ADB Office in
Azerbaijan Candice McDeigan told Trend .
"Azerbaijan has memoranda of understanding for the creation of
the 'Central Asia-Azerbaijan' green corridor. This corridor is a
major, highly promising, and intriguing initiative. It will bring
together several countries, with multiple companies participating
in the project. Currently, the project requires several steps, one
of which is the preparation of a feasibility study (FS). We
anticipate this and are looking into how we can support the
initiative to create the green energy corridor," McDeigan
stated.
Previously, Orkhan Zeynalov, the Deputy Minister of Energy in
Azerbaijan, stated that active negotiations are underway with ADB
to establish a segment of the Central Asia-Azerbaijan green energy
corridor.
Uzbekistan and Kazakhstan are the initiative participants, and
they will soon establish a joint venture in Baku.
Zeynalov also said that an internationally recognized company
has already been selected to prepare the FS, following which
investment assessments for implementing the initiative will become
clearer.
To note, ADB actively promotes the development of the energy
sector of Azerbaijan and in particular provided support for the
creation of a solar photovoltaic station on the Boyukshor lake.
Since 1999, ADB has provided Azerbaijan with about $5 billion in
loans for the development of projects across various sectors,
including green energy.
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