The European Bank for Reconstruction and Development (EBRD) is committed to supporting Azerbaijan's ambition to increase the share of renewable energy to at least 30% by 2030, Sandro Museridze, EBRD's Principal Banker for Renewable Energy, said during the "Green Energy Week 2025: Azerbaijan and Central Asia" event in Baku.
"Over the past few years, the EBRD has financed 1.2 gigawatts of renewable energy projects in Azerbaijan. These include a 230 MW solar project with Masdar, a 240 MW project with ACWA Power, and two other large-scale initiatives. These are the first major utility-scale energy projects in the Caucasus," Museridze said.
"Our role goes beyond investment - many international lenders are more likely to enter new markets with EBRD involvement, and we've seen that succeed in multiple cases."
He further stressed the need for a reliable electricity grid, which is critical for the success of such projects. In 2024, Azerbaijan launched its first renewable energy auction - a 100 MW solar tender - with EBRD's support.
"This isn't just a project; it's a systemic signal of the long-term role of renewables in Azerbaijan," Museridze concluded.
"In modeling the country's energy system, we explore scenarios that ensure energy security, reduce carbon emissions, and support sustainable growth. Currently, over 80% of Azerbaijan's installed capacity relies on oil and gas. By integrating just two renewable energy sources, it's possible to free up around 300,000 cubic meters of gas per year - gas that could be repurposed for hydrogen production," he explained.
Museridze emphasized that while opportunities exist, so do challenges. However, he believes the market is adapting, and regional cooperation is playing a key role.
"The energy system is not just for individual countries but also acts as a connector between them," he added.
