Azerbaijan to cooperate with IFC on development of offshore wind energy

To study the potential of wind energy in the Caspian Sea and coastal areas, the Azerbaijani Ministry of Energy is cooperating with the International Finance Corporation, a member of the World Bank Group, to draft a ‘Roadmap for the development of offshore wind energy in Azerbaijan,’ Report informs referring to the Energy Ministry.

The process of preparing a roadmap includes developing geographic maps, defining zones, conducting economic, financial, environmental, and social analysis, assessing the impact, issuing permits and approvals, improving the regulatory framework, reconstructing the transmission network, studying the supply chain.

There are plans to sign a ‘Memorandum of Understanding between the Ministry of Energy of Azerbaijan and the World Bank Group on Cooperation in the Use of Wind Energy at Sea.’

The ministry plans to increase the share of renewable energy sources in electricity production to 30 percent by 2030.