The Black Sea Trade and Development Bank (BSTDB) will readily use its experience in renewable energy projects for benefit of Azerbaijan, the Bank told Trend.

"Alternative energy sources such as hydro-power, wind and solar are enhancing the country’s potential in the energy sector, while also helping to address a number of environmental issues," said BSTDB.

The Bank said it will be looking forward for more renewable energy opportunities.

"BSTDB has accumulated substantial experience in renewable energy projects in other member countries, such as Bulgaria and Ukraine, and the Bank will readily use it for the benefit of Azerbaijan. It must be noted that the existence of an appropriate competitive environment and regulatory framework will be an important consideration in ascertaining ‘bankability’ of such projects alongside their development impact," said BSTDB.

Azerbaijan prioritizes the use of renewable energy sources in the development of the energy sector. The country signed major contracts on pilot projects for construction of a 240 megawatt wind farm and a 200 megawatt solar power plant with Saudi Arabia’s ACWA Power company and UAE’s Masdar company on January 9, 2020.

Presently, consistent steps to develop alternative energy are being taking in Azerbaijan.

The Black Sea Trade and Development Bank (BSTDB), an international financial institution with headquarters in Thessaloniki, Greece, was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine.