EBRD expects new legislation to finance the renewable energy sector in Azerbaijan

EBRD expects new legislation to finance the renewable energy sector in Azerbaijan
  • Clock-gray 11:03
  • calendar-gray 12 March 2020

“Our expectation is that when a new legislative framework for the support of renewable energy sources is in place we will be able to play a financing role as well,”  head of the Resident Office of European Bank for Reconstruction and Development (EBRD) in Baku Ivana Duarte told APA-Economics.

 “The EBRD is strongly committed to financing the Azerbaijani economy, especially the private sector outside oil and gas industry. We are currently very much focused on developing opportunities for renewable energy generation by private companies. As the leading financier of renewables in countries where we invest, we are spearheading the effort in Azerbaijan to launch competitive tendering of renewable energy through auctions. Our work is focused on helping the Ministry of Energy to identify true market prices for specific sources of renewable energy and to create a fair, transparent auction process. The EBRD’s involvement in green projects doesn’t stop at renewables. We stand ready to help Azerbaijani municipalities to develop infrastructure projects that improve urban environment and the quality of lives.” Ivana Duarte said.

Mirsaid İbrahimzade

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