ADB interested in investing in offshore renewable energy production opportunities in Azerbaijan

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The Asian Development Bank (ADB) supports Azerbaijan’s efforts to develop offshore renewable energy opportunities and is considering investing in this area, the Bank’s General Director for Central and Western Asia, Eugene Zhukov, said during a media briefing.

He recalled that just last month, ADB approved financing of about $22 million for a solar power plant project in Alyat, implemented by UAE’s Masdar.

Zhukov praised Azerbaijan’s efforts to diversify through renewable energy sources, adding that ADB is ready to support the country’s government in this matter.

The Director General also recalled that they would soon begin preparations for the next partnership program and discuss cooperation priorities with Azerbaijan.