April 16 (Renewables Now) - The International Finance Corporation (IFC) on Wednesday signed a memorandum of understanding with Azerbaijan's Ministry of Energy to help the country develop offshore wind.
IFC plans to work with the ministry to create a roadmap for the development of the offshore wind energy sector in Azerbaijan. Further on, it expects to continue partnering with the ministry on implementing the roadmap.
"Helping the nation—rich in oil and gas resources—explore and develop offshore wind energy can increase private sector participation, while also supporting energy transition in a sustainable manner," said Wiebke Schloemer, IFC director for Europe and Central Asia.
The estimated technical potential for offshore wind in Azerbaijan is 157 GW, including 35 GW fixed and 122 GW floating wind, according to an analysis by ESMAP. The country currently has around 8 GW of installed power capacity.
"The rich energy resources of the Caspian Sea are an important source not only for the development of the hydrocarbon industry, but also the green energy sector," noted Azerbaijan's energy minister Parviz Shahbazov.
The efforts of IFC, a member of the World Bank Group, are part of its cooperation with the World Bank's Energy Sector Management Assistance Programme (ESMAP) to expand offshore wind in emerging markets.