Plans for the development of the use of offshore wind energy were discussed

Plans for the development of the use of offshore wind energy were discussed

Within the framework of the development of the use of offshore wind energy in Azerbaijan, discussions were held with the participation of representatives of the Ministry of Energy, the World Bank, the International Finance Corporation (IFC) and the international consulting company. Speaking about the necessary factors for the use of offshore wind energy potential and the importance of cooperation with the IFC in this direction, Minister of Energy Parviz Shahbazov said that the preparation of the concept of “green energy” by the Head of State was defined as one of the important tasks. “To achieve “green growth”, which is one of the priorities of the country's socio-economic development, as well as to increase the share of renewable energy sources in the power generation to 30% by 2030 necessitate activities to converse offshore wind capacity into energy. Our cooperation with the IFC on determining the potential of offshore wind energy and preparing a road map will contribute to our goals related to green energy.”

Sarah Michael, the World Bank country manager said that the World Bank, together with the IFC, is ready to support the development of wind energy in the sea, attracting investors to this field, and the goals of Azerbaijan related to decarbonization.  

Then, the presentation of the development scenarios of the offshore wind energy project developed by IFC and the consulting company was made. The sides exchanged views on the expected economic, financial, environmental and social indicators of projects under various scenarios. It was noted that the world's interest in offshore wind energy is growing. The declining cost of electricity generated by the installation of wind turbines proves this.

It should be noted that a "Memorandum of Understanding on cooperation in the use of offshore wind energy between the Ministry of Energy of the Republic of Azerbaijan and the International Finance Corporation" is planned to be signed in the near future. The work stipulated by the Memorandum of Understanding will be implemented within the IFC Offshore Wind Development Program. The program is funded by the Energy Sector Management Assistance Program, ESMAP.


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