BAKU, Azerbaijan, February 20. The World Bank (WB) is ready to assist Azerbaijan in implementing solar power projects in Bilasuvar and Banka settlement in the Neftchala district, with a total capacity of 760 MW, Trend reports via the Azerbaijani Ministry of Energy.
This agreement was reached during the Washington negotiations between the Minister of Energy Parviz Shahbazov and the WB Vice President for Europe and Central Asia Antonella Bassani.
The capacity of the solar power plant in Bilasuvar is 445 MW, and in the of Banka settlement - 315 MW.
The projects are planned to be implemented by the end of 2024.
"The parties also discussed issues related to energy storage systems, 'green hydrogen', energy efficiency, and cooperation on reducing greenhouse gas emissions," the ministry said.
Overall, the meeting expressed satisfaction with the multifaceted relations between Azerbaijan and the World Bank in the energy sector, as well as cooperation issues within COP29.
"Shahbazov highly appreciated the World Bank's involvement in Azerbaijan's extensive actions related to the development of renewable energy for both domestic consumption and export, the strengthening and modernization of networks, and the implementation of the 'green' energy regional corridor," the ministry noted.
The Azerbaijani side emphasized the importance of accelerating financial support for the program to integrate eight wind and solar power plants into the national grid by 2027.
"This is being discussed in close cooperation with the EBRD, WB, and other potential partners, and accelerating financial support is crucial for achieving the goals of our country related to renewable energy sources," the ministry emphasized.
Shahbazov also reported on the ongoing preparation of the technical and economic justification for the 'green' energy transmission corridor (covering four countries) and the upcoming establishment of a joint venture with European countries for transmitting 'green' energy from the Caspian region to the EU.
The importance of cooperation to increase the potential of offshore wind energy was also addressed.
Congratulating Azerbaijan on hosting COP29, Bassani stated that the World Bank will help Azerbaijan demonstrate its progress in transitioning to 'green' energy, implement joint projects, and undertake reforms in the power sector.
The decision to hold COP29 in Azerbaijan was made official on
December 11, 2023, in Dubai.
On January 4, 2024, Mukhtar Babayev, Minister of Ecology and
Natural Resources of Azerbaijan, was appointed as President of
COP29.
