- On April 14, 2021, a Memorandum of Understanding was signed between the Ministry of Energy and the International Finance Corporation (IFC), a member of the World Bank Group, on cooperation in the use of offshore wind energy resources for the development of renewable energy sector in Azerbaijan.
- The memorandum was signed in the context of the common goals of the Ministry of Energy and IFC, such as promoting the use of renewable energy in Azerbaijan, as well as supporting the participation of the private sector to improve the financial sustainability and efficiency of the energy sector.
- According to the Memorandum, cooperation with the IFC envisages an assessment of the potential of offshore wind power in Azerbaijan and the development of a roadmap, and at the next stage - the tender management related to relevant offshore projects, the definition of partnerships with the private sector, and the implementation of auxiliary investments.
- The work stipulated by the Memorandum of Understanding will be implemented within the IFC Offshore Wind Development Program. This program is funded by the World Bank`s Energy Sector Management Assistance Program, ESMAP.
