BAKU, Azerbaijan, October 6.
Commerzbank AG, one of Germany's largest and leading banks, is
exploring opportunities for the long-term financing of renewable
energy projects in Azerbaijan, particularly in the wind and solar
energy sectors, a representative of Commerzbank AG, Oliver Roth,
told Trend in an
exclusive interview on Tuesday on the sidelines of the
German-Azerbaijani Strategic Partnership and Connectivity
Conference in Baku.


He noted that Commerzbank is a long-standing partner in
Azerbaijan and participates in financing, backed by export credit
agencies (ECAs), investment projects that source equipment and
supplies from abroad, primarily from developed economies such as
Europe, the U.S., and Asia.


"We have been partners in Azerbaijan for a long time. We
previously maintained an office here, though we currently manage
our operations in Azerbaijan through our Tashkent office in
Uzbekistan. There is significant potential for cooperation. In
particular, there are a number of renewable energy projects
requiring long-term financing, and this is one of the opportunities
we can offer," Roth mentioned.


The Commerzbank representative emphasized their interest in
financing projects within Azerbaijan's renewable energy sector.


"We don’t have a specific project at the moment, but we are
actively looking for projects, particularly in the wind energy
sector. We can provide financing in this area. One of the key
offerings we can provide is very long-term financing. This period
can even extend up to 20–22 years. This is the type of financing
required for renewable energy projects," he said.







Roth highly appreciated Azerbaijan's renewable energy
potential.


"The potential is immense. If we look at Azerbaijan's current
energy mix, we see that approximately 90% of energy production
relies on fossil fuels. At the same time, the country possesses
significant solar and wind energy potential. This potential needs
to be harnessed, a process that requires long-term financing," the
bank representative stressed.


He added that the bank is exploring opportunities to finance
specific wind and solar energy projects in Azerbaijan.


"We are currently seeking projects in the wind and solar energy
sectors. Simultaneously, we are holding extensive discussions with
local Azerbaijani banks to identify areas for cooperation, as they
have a better understanding of their clients and their needs within
the local market," Roth pointed out.