EBRD supports Azerbaijan's goal to reach 30% renewables by 2030

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, Report informs.

"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.

He also highlighted the importance of local employment, noting that 70% of the 850 workers at the Khizi–Absheron project site are Azerbaijani.

"These are not just jobs, but opportunities to develop new skills for the country. 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 400 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.