EBRD: Azerbaijan has a great alternative energy potential

Baku. 12 April. REPORT.AZ/ "Azerbaijan has a great potential in the field of energy production".

Report informs, Aida Sitdikova, Director of the European Bank for Reconstruction and Development (EBRD) for Russia, Caucasus and Central Asia said at the 4th International Caspian Energy Forum 2017 in Baku. A.Sitdikova noted that Azerbaijan has also significant opportunities for the development of the alternative energy sector: "Weight of wind energy is great in our energy portfolio. But we see that the cost of solar energy is gradually reducing. Therefore, weight of this type of energy is increasing in our portfolio".

EBRD official said that the bank has allocated 2.3 billion USD for alternative energy sector since 1992: "We have invested 22 bln USD in green economy so far. We have carried out certain works in Kazakhstan. We would like to implement real works in Azerbaijan".

"EBRD cooperates with Azerbaijan in the Southern Gas Corridor project. I'd like to state that Azerbaijan is a very important partner", A.Sitdikova said and added that gas is a fuel switching to alternative energy.

"This project is supported by the European Commission. We know that gas is an important type of energy as well means for switching to alternative energy. Our cooperation with Azerbaijan is in the early stages. I think that we can expand it", bank official said.