Azerbaijan and the Asian Infrastructure Investment Bank (AIIB) have signed two grant agreements for green energy projects, Report informs referring to the Ministry of Energy.
The agreements provide for $1 million to prepare the Caspian Green Energy Corridor project and $100,000 for a conceptual study on onshore infrastructure for a large offshore wind power plant in Azerbaijan.
The documents were signed by Energy Minister of Azerbaijan Parviz Shahbazov and AIIB Chief Investment Officer Konstantin Limitovskiy.
According to Shahbazov, the projects are aimed at developing onshore infrastructure to harness the wind energy potential of the Caspian Sea and establishing a green energy corridor between Azerbaijan, Kazakhstan, and Uzbekistan.
Limitovskiy noted that these are AIIB's first two grant agreements with Azerbaijan for projects supported by the Multilateral Cooperation Center for Development Finance (MCDF). They are expected to help prepare the projects for implementation, attract investment in sustainable energy infrastructure, and strengthen regional connectivity.