WB reveals future directions for renewable energy financing in Azerbaijan

The World Bank (WB) is considering a wide range of projects aimed at supporting sustainable energy, including investments in the development of grid infrastructure, energy storage, cross-border capacity, and energy efficiency in Azerbaijan, Rolande Pryce, WB regional director for the South Caucasus, said in an interview with Report.

"In March, we approved the Azerbaijan Scaling-Up Renewable Energy Project (AZURE) with a $173.5 million loan. The primary objective of this project is to enable renewable energy integration and ensure stability in Azerbaijan’s power grid. By doing so, the project will help to strengthen Azerbaijan’s energy security by providing the enabling conditions for the private sector to invest in Azerbaijan’s renewable energy potential. This project is a first investment in support of Azerbaijan’s vision of creating a green energy corridor, an initiative to increase renewable energy development and trade among regional players and beyond.

This is only the beginning of the World Bank's broader strategy to support sustainable infrastructure development and improve the integration of renewable energy sources in Azerbaijan and the interconnection with renewable energy generators and demanders within and beyond the South Caucasus," she noted.

Full interview is available here