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Azerbaijan plans to hold first auction on renewable energy sources this year

Oil&Gas Materials 21 January 2021 20:44
Azerbaijan plans to hold first auction on renewable energy sources this year

BAKU, Azerbaijan, Jan. 21

By Fidan Babayeva - Trend:

The project entitled "Support for the Implementation of Renewable Energy Auctions in Azerbaijan" is being implemented through the support of the European Bank for Reconstruction and Development to organize auctions, which are one of the most widely used instruments for the use of renewable energy sources in the international arena, Acting Director of the State Agency on Alternative and Renewable Energy Sources of Azerbaijan (AREA) Tabriz Ammayev told Trend.

“A legislative framework and rules are being developed within this project,” Ammayev added.

"If the bill and auction rules are adopted soon, the first renewable energy auction may take place this year and given the great interest of foreign investors in this sphere, we can say that this will help attract foreign direct investments in renewable energy projects," he said.

Ammayev stressed that international energy companies from different countries are showing interest in the projects in the field of renewable energy sources in Azerbaijan.

"Among these countries are Turkey, Russia, the UK, Germany, the Netherlands, Norway, Saudi Arabia, the United Arab Emirates, China, Japan,” the acting director said. “To regulate the use of renewable energy sources, the draft law "On the use of renewable energy sources in production of electricity", which is currently under consideration by the government, was developed."

The use of renewable energy sources was determined by the president as one of the priority spheres for the development of the energy sector.

Thus, the special attention is paid to the implementation of pilot projects on the construction of a wind farm with a capacity of 240 megawatts and a solar power plant with a capacity of 200 megawatts in accordance with agreements signed with ACWA Power company and UAE’s Masdar company on January 9, 2020.

Seven working groups, consisting of representatives of the Ministry of Energy, Ministry of Economy, Ministry of Finance, Ministry of Emergency Situations, Ministry of Ecology and Natural Resources, Ministry of Justice, as well as the Committee on Urban Planning and Architecture, the State Service on Property Affairs, the State Tax Service, Central Bank of Azerbaijan, Azerenergy OJSC and Azerishig OJSC operate to fulfill the relevant order of the Azerbaijani president.

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Follow the author on Twitter: @Fidan_Babaeva

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