FAMAGUSTA GAZETTE – The World Bank has approved a $173.5 million loan for Azerbaijan’s Scaling-Up Renewable Energy Project (AZURE), aiming to modernize the nation’s power grid and attract $384 million in private investment for renewable energy, primarily onshore wind.
The initiative, part of the broader Europe and Central Asia Renewable Energy Scale-up (ECARES) program, supports upgrades to transmission lines and substations while integrating up to 1.8 Gigawatts of renewable electricity through private sector participation.
Azerbaijan, known for its oil and gas production, is diversifying its energy sources with a green energy corridor and ambitious goals to generate 30% of electricity from renewables by 2030.
The country is also a key partner in the Black Sea Energy project, aiming to transmit renewable electricity to Europe via high-voltage subsea cables.