Plans to develop the use of offshore wind energy have been discussed in Azerbaijan, reports Trend referring to the Azerbaijan Ministry of Energy.
The discussions were held with the participation of representatives from the Ministry of Energy, the World Bank, the International Finance Corporation (IFC) and international consulting companies within the development of offshore wind energy use in Azerbaijan.
“The preparation of the concept of ‘green’ energy was determined by the president as one of the important tasks,” said Azerbaijan’s Energy Minister Parviz Shahbazov. “Achieving the growth of” green “energy, which is one of the priorities of society – economic development, in addition to bringing the share of renewable energy sources in electricity production capacity up to 30 percent for 2030, updates the activity of converting wind into energy ”.
“Our cooperation with IFC in the field of determining the potential of offshore wind and developing a roadmap will help to achieve our goals in the field of green energy,” added Shahbazov.
World Bank Manager Sarah Michael said the bank is ready, together with the EBRD, to support the development of wind energy, attract investors in this sphere and achieve Azerbaijan’s goals in relation to decarbonization.
A presentation of scenarios for the development of an offshore wind energy project prepared by IFC and a consulting firm was then considered.
There is a growing interest in offshore wind energy around the world. This is also stipulated by the gradual decrease in the cost of electricity generated by wind turbines.
A “Memorandum of Understanding between the Azerbaijan Ministry of Energy and the International Finance Corporation on Cooperation in the Use of Offshore Wind Power” is scheduled to be signed soon.
The work stipulated in the Memorandum of Understanding will be carried out within the Wind Energy Development Program. This program is funded under the World Bank Group’s “Energy Sector Management Assistance Program”.