Azerbaijan’s Energy Ministry Signs Offshore Wind MoU with IFC

The potential of offshore wind energy in Azerbaijan is estimated at 157 GW, according to an analysis provided by the World Bank’s Energy Sector Management Assistance Program (ESMAP).

Azerbaijan aims to achieve a clean environment by 2030 using its offshore wind energy potential. The cooperation efforts with IFC will contribute to the development of offshore wind energy production in Azerbaijan, as well as the use of renewable energy and the reduction of carbon emissions and facilitating private sector participation in the power sector. IFC will work with Azerbaijan’s Ministry of Energy under a roadmap for the development of the country’s offshore wind energy sector. Cooperation will be extended, as the Ministry implements the roadmap and strives to attract and build sustainable public-private partnerships in the sector., 16 April 2021