BAKU, Azerbaijan, October 6. Commerzbank AG, one of Germany's largest and leading banks, is exploring opportunities for the long-term financing of renewable energy projects in Azerbaijan, particularly in the wind and solar energy sectors, a representative of Commerzbank AG, Oliver Roth, told Trend in an exclusive interview on Tuesday on the sidelines of the German-Azerbaijani Strategic Partnership and Connectivity Conference in Baku.
He noted that Commerzbank is a long-standing partner in Azerbaijan and participates in financing, backed by export credit agencies (ECAs), investment projects that source equipment and supplies from abroad, primarily from developed economies such as Europe, the U.S., and Asia.
"We have been partners in Azerbaijan for a long time. We previously maintained an office here, though we currently manage our operations in Azerbaijan through our Tashkent office in Uzbekistan. There is significant potential for cooperation. In particular, there are a number of renewable energy projects requiring long-term financing, and this is one of the opportunities we can offer," Roth mentioned.
The Commerzbank representative emphasized their interest in financing projects within Azerbaijan's renewable energy sector.
"We don’t have a specific project at the moment, but we are actively looking for projects, particularly in the wind energy sector. We can provide financing in this area. One of the key offerings we can provide is very long-term financing. This period can even extend up to 20–22 years. This is the type of financing required for renewable energy projects," he said.
Roth highly appreciated Azerbaijan's renewable energy potential.
"The potential is immense. If we look at Azerbaijan's current energy mix, we see that approximately 90% of energy production relies on fossil fuels. At the same time, the country possesses significant solar and wind energy potential. This potential needs to be harnessed, a process that requires long-term financing," the bank representative stressed.
He added that the bank is exploring opportunities to finance specific wind and solar energy projects in Azerbaijan.
"We are currently seeking projects in the wind and solar energy sectors. Simultaneously, we are holding extensive discussions with local Azerbaijani banks to identify areas for cooperation, as they have a better understanding of their clients and their needs within the local market," Roth pointed out.
