Renewable energy projects financed in Azerbaijan will generate approximately 3 billion kilowatt-hours of clean electricity annually and reduce carbon emissions by more than 1.4 million tons, said Sule Kilic, Head of the Energy Eurasia Department at the European Bank for Reconstruction and Development (EBRD), during the meeting of the Green Energy Advisory Council, APA-Economics reports.
Sule Kilic noted that the EBRD has financed more than 1.2 gigawatts of renewable energy capacity in Azerbaijan. These projects include the 230 MW Garadagh Solar Power Plant, the 240 MW Absheron-Khizi Wind Power Plant, as well as large solar parks in the Bilasuvar and Neftchala districts.
According to him, the EBRD does not limit itself to financial support but also contributes to institutional and regulatory reforms in the energy sector. In this framework, support has been provided for the development of the Energy Regulation Law and the organization of the first renewable energy auction.
Sule Kilic emphasized that Azerbaijan has significant potential in offshore wind energy and green hydrogen, and the EBRD is ready to support the formation of a regulatory framework and the creation of financing mechanisms in these areas.
The EBRD representative added that Azerbaijan could become a reliable green energy supplier in the region, and the bank will continue to support the parallel implementation of energy security and decarbonization targets.
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