PASHA Bank Considers Additional Renewable Energy Projects In Azerbaijan
"Azerbaijan has committed to increasing the share of renewable energy by 2030. We are witnessing the attraction of a large volume of investment. Prominent international players such as Masdar and ACWA Power are already operating in Azerbaijan, implementing major projects in the country," he said.
B. Nagiyev emphasized that local companies, including Azerbaijan's energy companies, are also actively participating in these projects alongside local partners, including banks.
"We have also financed one such project in Nakhchivan and are considering additional projects in other parts of the country. International players can participate in financing renewable energy projects, as these require longer financing terms and more favorable conditions. "This is precisely where international players can get involved, as they have far more experience in the renewable energy sector," B. Nagiyev stated.
He also noted the potential for cooperation with international development banks: "I believe we can achieve much more together with development banks. The European Bank for Reconstruction and Development (EBRD) has invested €870 million in Azerbaijan; however, the share of investment in the financial sector stands at 7 percent, leaving significant scope for expanding cooperation with the corporate sector."
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