Azerbaijan intends to launch new renewable energy projects with IFC support

Thu 31 Jan 2019 17:25 GMT | 21:25 Local Time

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The International Finance Corporation (IFC) will submit proposals to the Azerbaijani government on the occasion of joint projects in the field of renewable energy sources, Fineko/abc.az reports.

The Ministry of Energy reports that such an agreement was reached during a meeting in Baku between Azerbaijani Deputy Energy Minister Samir Veliyev and IFC Regional Director for the Caucasus & Russia Jan Van Bilsen.

"The Corporation is ready to share its experience in the development of renewable energy sources, attracting the private sector to ensure energy security, and holding auctions with Azerbaijan. It is also important to develop the use of renewable sources on the basis of market mechanisms, as well as creating a competitive environment between consumers and providing guarantees for private companies," Jan Van Bilsen said.

In his turn, the deputy minister said that the country cooperates with various international organizations and representatives of the private and public sector to prepare legislation in the field of renewable energy sources and the draft law on the energy base.

Following the meeting, the parties agreed to make proposals for joint projects in the field of renewable energy sources.

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