The Asian Infrastructure Investment Bank (AIIB) has signed two grant agreements to support the development of green energy initiatives in Azerbaijan.
The information was announced by Azerbaijan’s Ministry of Energy.
An online meeting was held between Energy Minister Parviz Shahbazov and a delegation from the Multilateral Cooperation Center for Development Finance (MCDF). During the meeting, the parties welcomed the Bank’s support for the feasibility study of the Central Asia-Azerbaijan Green Energy Corridor project and discussed expanding cooperation in developing offshore wind energy potential.
As part of the cooperation, two grant agreements were signed between the Government of Azerbaijan and AIIB, which acts as the executing partner of the MCDF financial mechanism. One agreement covers the development of a project concept for coastal infrastructure to support a large-scale offshore wind farm in Azerbaijan, while the other concerns the preparation of the Caspian Green Energy Corridor project.
The agreements were signed on behalf of the Azerbaijani government by Energy Minister Parviz Shahbazov and, on behalf of AIIB, by Konstantin Limitovski, the Bank’s Chief Investment Officer responsible for public-sector clients in Region 2 and project and corporate finance globally.
Shahbazov said the agreements represent further international support for Azerbaijan’s strategic objectives to develop large-scale offshore wind energy in the Caspian Sea and facilitate the regional and intercontinental transmission of green electricity.
According to the minister, the cooperation will support both the development of essential coastal infrastructure for offshore wind projects and the establishment of a green energy corridor connecting Azerbaijan, Kazakhstan and Uzbekistan.
He emphasized that the projects are important for turning Azerbaijan’s renewable energy potential into economic value, exporting green energy resources from the Caspian region and Central Asia, and further strengthening Azerbaijan’s strategic role in regional energy integration. Shahbazov also expressed appreciation for AIIB’s support for the country’s green energy initiatives.
Limitovski noted that these are the first two grant agreements signed between AIIB and Azerbaijan for projects supported by the MCDF: the Caspian Green Energy Corridor and coastal infrastructure to support the development of a large-scale offshore wind farm in Azerbaijan.
He added that this milestone creates new opportunities for cooperation in project preparation, helps lay the groundwork for future investment in sustainable energy infrastructure, and strengthens regional connectivity.
Under the agreements, a grant of USD 1 million will be allocated to the preparation of the Caspian Green Energy Corridor project, while USD 100,000 will fund a conceptual study for coastal infrastructure supporting large-scale offshore wind farms.
https://report.az/energetika/aiib-ile-azerbaycanda-yasil-enerji-layiheleri-uzre-qrant-sazisleri-imzalanib