ADB invested $1.7B in Azerbaijan's energy sector over 25 years

The Asian Development Bank (ADB) has invested $1.7 billion in the country's energy sector over 25 years of cooperation with Azerbaijan, Report informs.

ADB Senior Director for ADB's Energy Sector Office Priyantha Wijayatunga discussed with Azerbaijani officials the country's strategic priorities for the energy transition, including green corridors, renewable energy infrastructure and decarbonization.

Wijayatunga also noted the successful completion of a number of joint projects, such as the construction of a solar power plant by Masdar and a pilot project to build a floating solar power plant on Lake Boyukshor.

He emphasized that ADB supports Azerbaijan's plan to increase the share of renewable energy to 30% by 2030 and is actively preparing for COP29, which will be held in Baku.