Azerbaijan, World Bank discuss offshore wind energy development

Azerbaijan's Minister of Energy, Parviz Shahbazov, has met with a World Bank delegation led by Rolande Pryce, the bank's Regional Director for the South Caucasus, to discuss the development of offshore wind energy in the country. 

The meeting, held in Baku, highlighted the ongoing collaboration between Azerbaijan and the World Bank in the energy sector, with both sides expressing satisfaction with the current level of cooperation, Caliber.Az reports per Energy Ministry.

According to the Ministry of Energy, the World Bank is set to provide a loan of $173.5 million to support the strengthening of Azerbaijan's electricity transmission network under the AZURE project. This initiative aims to facilitate the integration of renewable energy sources, including offshore wind, into the national grid.

During the talks, the two sides emphasised Azerbaijan's goal to incorporate over 2 gigawatts of "green energy" into the country's power system by 2027, with plans for an additional 700 megawatts in the subsequent phase.

The discussions also focused on the potential for energy exports from Azerbaijan and Central Asia to Europe via various interconnectors. The role of these projects in ensuring Europe's future energy security was highlighted.

Additionally, the development of a roadmap for offshore wind energy, in partnership with the International Finance Corporation (IFC), was discussed. Ongoing initiatives with energy companies were also explored, along with opportunities for future cooperation on hydroelectric energy storage and other promising projects.

This meeting took place as part of the 11th meeting of the Southern Gas Corridor Consultative Council and the 3rd Green Energy Ministers' meeting, both held in Baku.

By Aghakazim Guliyev