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Azerbaijan attracting foreign investments for renewable energy projects

Oil&Gas Materials 17 April 2021 07:50 (UTC +04:00)
Azerbaijan attracting foreign investments for renewable energy projects

BAKU, Azerbaijan, Apr.17

By Fidan Babayeva - Trend:

Stable economy, favorable investment climate and significant success in development of the business climate have attracted the world's biggest investors to Azerbaijan, ready to participate in the implementation of promising megaprojects in the field of renewable energy, Deputy Director of the International Institute of Energy Policy and Diplomacy of the Moscow State Institute of International Relations, expert of the Center for Sustainable Development of the Moscow State Institute of International Relations Igbal Guliyev told Trend on April 16.

"Twelve big energy companies, namely, BP (UK), Masdar (UAE), ACWA Power (Saudi Arabia), Total Eren (France), Equinor (Norway), Quadran International (France), Tekfen Insaat (Turkey), Al -Matub (UAE), Mitsui & Co (Japan), Lucia Holding (France), Ansalgo Energia (Italy) and Avelar Solar Technology (Russia), signed the memorandums of understanding and cooperation documents with Azerbaijan," Guliyev said.

"The Azerbaijani Ministry of Energy actively interacts with those companies both within the activity of working groups, holding of meetings and information exchange and while improving the national regulatory framework in the field of renewable energy sources," Guliyev said.

"Last year was the beginning of a new stage in the development of renewable energy," Guliyev added. "Two big foreign investors - Masdar and ACWA Power signed contracts with Azerbaijan in January for the construction of the biggest wind and solar power plants in the region."

"The contract with Masdar company envisages the construction of a solar power plant with a capacity of 200 MW in Alat settlement, 75 kilometers south-western Baku," deputy director said. "Commissioning of the power plant into commercial operation is scheduled for 2022."

"ACWA Power plans to build the biggest wind farm in the region with a capacity of 240 MW on the shores of the Caspian Sea, on the territory of the Khizi and Absheron regions of Azerbaijan," Guliyev said.

It is especially important that key projects in this sphere are being implemented through the foreign capital, which, first of all, testifies to the confidence of big investors in Azerbaijan.

The massive inflow of foreign investments in the development of renewable energy in Azerbaijan this year, according to Azerbaijani President Ilham Aliyev, "opens a new page in the development of national energy projects".

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 for the construction of a wind power plant with a capacity of 240 megawatts and a solar power plant with a capacity of 200 megawatts in accordance with the agreements signed with ACWA Power and Masdar (UAE) on January 9, 2021.

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

At present, Azerbaijan is taking consistent steps to develop alternative energy. For this purpose, the negotiations are underway with foreign companies and investors, including companies from China, UAE, the US and EU.

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Follow the author on Twitter: @Fidan_Babaeva

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