Investments in Azerbaijan’s alternative energy sources exceed $380 million

Photo: Investments in Azerbaijan’s alternative energy sources exceed $380 million
 / Oil&Gas

Azerbaijan, Baku, Nov. 1 /Trend E. Ismailov/

Some 300 million manats have been invested so far in the development of alternative and renewable energy sources in Azerbaijan, Director of the Azerbaijani State Agency on Alternative and Renewable Energy Sources, Akim Badalov said.

"Some 70 million manats out of the total account for state investments and the rest for private investments," Badalov said.

He also said the Strategy for the Development of Alternative and Renewable Energy Sources by 2020 will be presented to the presidential administration soon.

"The process of agreeing on the strategy with the relevant state agencies has been completed and will soon be submitted to the administration," the head of the State Agency said.

The share of alternative energy sources in the total consumption of Azerbaijan is planned to be increased to 20 per cent by 2020.

Official exchange rate for Nov. 1 0.7844 AZN/USD.

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