BAKU, Azerbaijan, May 8. The Azerbaijani government has set a minimum investment requirement for electricity production projects utilizing renewable energy sources, Trend reports.
Prime Minister Ali Asadov signed a relevant resolution in this regard.
The decree, which outlines the government's procurement obligations, establishes a minimum investment threshold of 30 million manat ($17.6 million) for these renewable energy projects.
Meanwhile, Azerbaijan aims to increase the share of renewable energy sources in the country's energy balance to 30 percent by 2030. According to the Ministry of Energy, the technical potential of Azerbaijan's renewable energy sources is 135 GW on land and 157 GW at sea. The economic potential of renewable energy sources is estimated at 27 GW, including 3,000 MW of wind energy, 23,000 MW of solar energy, 380 MW of bioenergy potential, and 520 MW of mountain rivers potential.
The Garadagh solar power plant, with a capacity of 230 MW, the largest in the Caspian region and CIS, was put into operation in 2023 jointly with Masdar Company. The station was built at the expense of foreign investments worth $262 million and is the first industrial solar power plant realized in our country with the participation of foreign investments. The station will generate 500 million kWh of electricity per year, saving 110 million cubic meters of natural gas. The construction of the 240 MW Khizi-Absheron wind power plant in cooperation with ACWA Power continues. Last year, a “Project Execution Agreement on the implementation of a wind power project with a capacity of up to 1.5 GW offshore”, “Project Execution Agreement on the creation of a wind power plant with a capacity of 1 GW onshore” and a “ MoU on the development of energy storage systems in the Republic of Azerbaijan” were signed with ACWA Power.
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