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Azerbaijan, IFC mull importance of offshore wind energy use roadmap

18 May 2022 [15:10] - TODAY.AZ

By Azernews

Azerbaijan and the International Finance Corporation (IFC) have discussed the importance of the ongoing roadmap on the use of the offshore wind energy project.

The discussion took place during a meeting between Azerbaijan's Energy Minister Parviz Shahbazov with the delegation led by the IFC's Senior Manager for Infrastructure Cheryl Hanway.

During the meeting, the minister noted the long-term cooperation with IFC in various fields, including the energy sector. He emphasized the importance of the roadmap in the context of expanding the use of renewable energy sources.

Shahbazov briefed on the realization of the huge wind energy potential in the Azerbaijani sector of the Caspian Sea, the attraction of private investment, international cooperation, and future integration of green energy into the network, energy exports, goals, and plans for renewable energy in general.

The development of cooperation with IFC was reviewed and discussions were held on the next steps.

In turn, Cheryl Hanway spoke about IFC's experience in the development of the private sector in the energy sector and attracting investments in this area.

Taking into account the ongoing development processes in Azerbaijan, interest was expressed in the IFC's support for the expansion of the green energy infrastructure in Azerbaijan and the study of future opportunities.

Azerbaijan became a member of the IFC in 1995. Since then, IFC has implemented a range of advisory projects aimed at encouraging private sector growth and provided $250 million for the Baku-Tbilisi-Ceyhan pipeline.


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