Azerbaijan discusses expanding energy cooperation with the World Bank

Today, First Deputy Minister of Finance Anar Karimov met with a World Bank energy sector mission represented by Lead Energy Specialists Roger Coma-Cunill, the current task team leader, and Sameh Mobarek, the incoming task team leader.

The meeting discussed the World Bank’s support to Azerbaijan in implementing the “Azerbaijan Renewable Energy Integration (AZURE)” project, as well as the results achieved under technical assistance carried out within the framework of the partnership between the Government of Azerbaijan and the World Bank.

Karimov noted that the successful cooperation between Azerbaijan and the World Bank for more than 30 years has made the Bank one of the country’s key development partners. He emphasized that, within this cooperation, the strategically important AZURE project has made a significant contribution to strengthening the transmission network by ensuring the integration of 1 GW solar and wind power plants built by Masdar into the national energy system.

Touching upon the prospects of financing Battery Energy Storage Systems (BESS) within the AZURE project, the deputy minister stressed that this initiative is of particular importance for increasing grid flexibility, enabling broader integration of renewable energy sources, and enhancing overall grid resilience.

In turn, World Bank representatives expressed satisfaction with cooperation in the energy sector and noted that technical support would continue in areas such as electricity grid modernization, tariff reforms, and the development of offshore wind energy. They also highlighted the importance of transforming technical assistance outcomes into more sustainable and efficient investment projects, as well as strengthening coordination among relevant institutions.

During the meeting, the sides also exchanged views on identifying priority investment areas for the next phase, advancing renewable energy projects, and further expanding cooperation with the Bank.