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ADB eyes to develop cooperation on renewables

19 February 2019 17:00 (UTC+04:00)
ADB eyes to develop cooperation on renewables

By Leman Mammadova

Azerbaijan and the Asian Development Bank discussed energy cooperation.

Energy Minister Parviz Shahbazov met with a delegation led by Ashok Bhargava, Director of the Energy Division of the Asian Development Bank, who is on a visit to Azerbaijan within the framework of the fifth meeting of the Southern Gas Corridor Advisory Council.

The minister praised the bank's support for the country's energy sector by talking about existing cooperation in the energy sector, reconstruction of the electricity grid and energy projects related to floating solar panels.

Shahbazov gave detailed information on the country's renewable energy potential and the opportunities to increase its renewable energy share in recent years, highlighting the importance of studying international experience in this area. He noted that foreign companies are interested in cooperation in the renewable energy sector in Azerbaijan. It is important to create a favorable environment to attract foreign investment.

Ashok Bhargava stressed the interest in developing cooperation with Azerbaijan on renewable energy sources. Bhargava noted that the Bank is interested in the participation in renewable energy sources, especially in solar and wind energy, as well as on energy efficiency projects. The Bank is ready to provide technical and financial support to the projects to be implemented for this purpose.

The main objective of the Asian Development Bank (ADB) is to support the economic development of member countries and to help alleviate poverty and improve the living standards of the population.

Azerbaijan joined ADB in 1999 and its share in the bank is 0.5 percent. In 2004, the Bank's local representative office was opened in our country. Azerbaijan hosted the 48th Annual Meeting of the Board of Governors of the Bank in 2015.

ADB has provided a $ 5.1 billion loan, guarantee, grant and technical assistance for the country, so far.

ADB’s program for Azerbaijan during 2011–2017 consisted of 47 projects. Energy was the largest sector supported, accounting for 42% ($2.1 billion) of total financing followed by transport, at 27% ($1.4 billion).

The Asian Development Bank will allocate $ 815 million from its credit resources to Azerbaijan in 2019-2021. This is stated in the bank's three-year business plan. Thus, in 2019, the bank will allocate $ 250 million to the country, $ 265 million in 2020, and $ 300 million in 2021.

These loans, which will be allocated by the bank for three years, will focus on the modernization of the country’s energy system ($335 million) and the improvement of public administration ($250 million).

Recently, ADB has allocated $3 million of technical assistance for the development of solar energy in Azerbaijan, Kyrgyzstan and Afghanistan.

Implemented on the initiative of the ADB, installation of a 100 kW photovoltaic panel system on Boyukshor Lake in Baku will be completed in the summer of 2021.

The Floating Solar Energy Development project was approved by ADB Board of Directors on August 17, 2018. It involves technical assistance for the creation of floating solar plants in the three countries. ADB experts are sure that this will contribute to the diversification of energy sources, increase energy security and reduce harmful emissions.

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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

Follow us on Twitter @AzerNewsAz

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ADB eyes to develop cooperation on renewables - Gallery Image
ADB eyes to develop cooperation on renewables - Gallery Image
ADB eyes to develop cooperation on renewables - Gallery Image
ADB eyes to develop cooperation on renewables - Gallery Image
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