BAKU, Azerbaijan, June 16
By Leman Zeynalova – Trend:
Raiffeisen Bank, based in Austria, can support the financing of renewable energy projects in Azerbaijan, the bank told Trend.
“As we currently focus on our cooperation with financial institutions, we can support the financing of renewable energy project even in the long term (with ECA cover) as bank-to-bank financing or project financing,” said the bank.
Raiffeisen Bank said that the very important topic now is business compliance framework the bank is establishing now due to strict compliance requirements and regulatory scrutiny.
“Our goal is to work with the best from compliance point of view financial institutions in Azerbaijan.”
Azerbaijan is a country with vast potential for renewable energy development. The country has excellent wind and solar resources and significant prospects for biomass, geothermal and hydropower.
Azerbaijan has potential to generate 62.8 billion kilowatt-hours of electricity per year in the future.
Special attention is paid to implementation of pilot projects for the construction of a wind power plant with a capacity of 240 megawatts and a solar power plant with a capacity of 200 megawatts in accordance with the agreements signed with ACWA Power and Masdar (UAE) on January 9, 2021.
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