Azerbaijan Secures $173.5 Million World Bank Loan for Green Energy Expansion
The World Bank has approved a $173.5 million loan to support Azerbaijan's Scaling-Up Renewable Energy (AZURE) project, aimed at strengthening the country's electricity infrastructure and increasing renewable energy integration.
According to a statement on the World Bank's official website, the AZURE project will help modernize Azerbaijan's electric transmission system, creating a more favorable environment for private sector investments, particularly in wind energy.
The initiative is expected to unlock $384 million in private investments, reinforcing key transmission lines and substations to connect the 240-Megawatt Absheron-Garadagh Wind Power Plant to the national grid. Additionally, it will expand the 330/500 kV high-voltage network, ensuring stable integration of up to 1 gigawatt of privately developed renewable capacity and preparing the grid to accommodate 1.8 gigawatts of renewable electricity from future private investments.
This is the first World Bank-supported project aligned with Azerbaijan's green energy corridor initiative, marking a significant step toward the country's renewable energy transition.
Azerbaijan, a World Bank member since 1992, has received $3.5 billion in total loan commitments across 50 projects.
Source: aze.media
