April 14, 2021, by Nadja Skopljak
Azerbaijan’s Ministry of Energy has signed a Memorandum of Understanding (MOU) with the International Finance Corporation (IFC) to cooperate on offshore wind development.
The aim of the cooperation is to assess the potential of offshore wind in Azerbaijan and the development of a roadmap, and later, tender management related to relevant projects, the definition of partnerships with the private sector, and the implementation of auxiliary investments.
The work stipulated by the MOU will be implemented within the IFC Offshore Wind Development Program, funded by the World Bank’s Energy Sector Management Assistance Program (ESMAP).
“Renewable Energy has been determined by the Head of State Ilham Aliyev as one of the significant priorities of Azerbaijan’s socio-economic and diversified development course, as well as achieving a clean environment by 2030,” Minister of Energy