BAKU, Azerbaijan, October 1. The Asian Development Bank (ADB) views the initiative to establish a green energy corridor between Central Asian countries and Azerbaijan as highly promising and welcomes it, Head of the ADB Office in Azerbaijan Candice McDeigan told Trend.
"Azerbaijan has memoranda of understanding for the creation of the 'Central Asia-Azerbaijan' green corridor. This corridor is a major, highly promising, and intriguing initiative. It will bring together several countries, with multiple companies participating in the project. Currently, the project requires several steps, one of which is the preparation of a feasibility study (FS). We anticipate this and are looking into how we can support the initiative to create the green energy corridor," McDeigan stated.
Previously, Orkhan Zeynalov, the Deputy Minister of Energy in Azerbaijan, stated that active negotiations are underway with ADB to establish a segment of the Central Asia-Azerbaijan green energy corridor.
Uzbekistan and Kazakhstan are the initiative participants, and they will soon establish a joint venture in Baku.
Zeynalov also said that an internationally recognized company has already been selected to prepare the FS, following which investment assessments for implementing the initiative will become clearer.
To note, ADB actively promotes the development of the energy sector of Azerbaijan and in particular provided support for the creation of a solar photovoltaic station on the Boyukshor lake.
Since 1999, ADB has provided Azerbaijan with about $5 billion in loans for the development of projects across various sectors, including green energy.
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