A Memorandum of Understanding between the Ministry of Energy of the Republic of Azerbaijan and the European Bank for Reconstruction and Development (EBRD) was signed to expand their collaboration on the power industry's growth in Azerbaijan, the Press Office of the Azerbaijani Energy Ministry stated.

The agreement offers a framework for working together on crucial technical cooperation projects and Azerbaijan's top-priority policy goals. By the country's commitment to the Paris Agreement, the Bank will continue to assist the growth of Azerbaijan's low-carbon and climate-resilient power industry under the terms of this agreement. This involves advancing renewable energy, creating a sectoral low-carbon roadmap for the power industry, enhancing the grid, enhancing energy efficiency, reducing methane emissions, and gradually introducing cutting-edge technologies, including hydrogen.

The funding of the Garadagh Solar Plant, the first utility-scale solar plant built in the nation by Masdar, was one of the landmark projects made possible by the partnership between the Bank and the Ministry. The financing of the AZDRES power plant, TANAP, and TAP pipelines are examples of earlier successes.

Notably, in Azerbaijan, where it has invested more than EUR 3.6 billion in 185 projects in the financial, corporate, infrastructure, and energy sectors - most of them in private businesses - the EBRD is a major institutional investor. The main objectives of the bank's strategy in the nation are to assist Azerbaijan in diversifying its economy and expanding the non-oil private sector.

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