Azerbaijan, Baku, Jan. 23 / Trend A. Badalova /
According to primary estimates, the amount of funds required to bring the share of alternative and renewable energy sources in energy production in Azerbaijan to 20 per cent, will be around seven billion manat, head of the investment department of the Azerbaijani Ministry of Industry and Energy and national coordinator of the INOGATE programme Ramiz Rzayev told media today.
He said that in accordance with the plans, the generation capacity of alternative energy sources will be brought to 2000 megawatts by 2020.
"Work is underway to establish the necessary legal framework to create the right conditions for investors," he said. "In particular, the bills 'Alternative Energy' and 'Energy efficiency' have been prepared. Up to 40 regulations have been prepared and reviewed. All these operations stipulate creating favourable conditions for investors."
Rzayev said that at present the necessary work is being conducted to develop alternative energy. Various projects are being implemented in this field.
In particular, up to $100 million have been allocated from the state budget over the last four years to develop alternative energy.
The official exchange rate is 0, 7849 AZN/USD on Jan. 23.