BAKU, Azerbaijan, March 18
By Nargiz Ismayilova – Trend:
Foreign investments worth $400 million give Azerbaijan one billion kilowatt-hour energy production potential, Jamil Melikov, deputy chairman of the Azerbaijani State Agency for Alternative and Renewable Energy Sources, told Trend.
“Azerbaijan will save 240 million cubic meters of gas this way,” Melikov said.
“Knowing and expecting that a regulatory framework will be formed, investors are ready to implement their projects and invest in alternative energy in Azerbaijan,” deputy chairman said. “So, Saudi Arabia’s ACWA Power and the UAE’s Masdar are implementing the projects to build a 240 megawatt wind power plant and a 200 megawatt solar power plant in Azerbaijan."
“The investments were attracted, both in the form of equipment and real financial flows for preparatory and repair work,” Melikov said. “These investments will help attract new potential investors.”
Presently, Azerbaijan is taking sequential steps to develop alternative energy. For this purpose, negotiations are underway with foreign companies and investors, including the companies from China, the UAE, the US and the EU.
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