BAKU, Azerbaijan, The European Bank for Reconstruction and Development (EBRD) welcomes Azerbaijan’s recent gas agreement with the EU, which aims to increase gas exports to Europe, Matteo Patrone, Managing Director, Eastern Europe and the Caucasus (EEC) at the EBRD, told Trend.

“In the past, the EBRD supported the construction of the TANAP and TAP pipelines, so we have a great record of accomplishment with your government and the Southern Gas Corridor. Currently the market study for this project is in progress, and shall the decision to expand be made, we will be glad to engage with Azerbaijan and international partners to consider financing in line with our requirements for gas projects. For the Bank, the project would have to be in line with the goals of the Paris Agreement and the Bank’s Fossil Fuel approach,” he said.

The managing director also highlighted the support the Bank provides for Azerbaijan’s decarbonization agenda at both investment and policy levels. In this regard, last year has been a historic one for the EBRD-Azerbaijan cooperation.

“Notably, we invested in the construction of the first privately owned, utility-scale solar power plant in Garadagh. We are also interested in financing the construction of a wind power plant in the Absheron peninsula. All this, of course builds on a multiyear technical assistance work provided to the Ministry of Energy. Among other things, we have supported the introduction of a the legislative framework for renewable energy, the setting up of the energy regulator, and helped the ministry conduct a grid strengthening study, which we hope will be conducive to invest in grid improvements across Azerbaijan,” he said.

Source: TREND News Agency