Azerbaijan expects boost of foreign investments in alternative energy - AREA

Oil&Gas Materials 19 May 2021 15:05 (UTC +04:00)
Azerbaijan expects boost of foreign investments in alternative energy - AREA

BAKU, Azerbaijan, May 19

By Fidan Babayeva - Trend:

Foreign investments in the field of alternative energy in Azerbaijan are planned to be significantly increased in the near future, Acting Director of the State Agency of Azerbaijan for Alternative and Renewable Energy Sources (AREA) Tabriz Ammayev told Trend.

Our main goal is to attract foreign investors to participate in renewable energy projects in Azerbaijan, including the liberated (from Armenian occupation during the Second Karabakh war in 2020) territories. Currently, work is underway to attract both local and foreign investors, Ammayev said.

According to him, an agreement was signed with the Japanese TEPSCO company on the creation of a ‘green energy’ zone in the liberated territories.

"To effectively use the potential of wind energy in the liberated territories of Azerbaijan, it’s planned to develop energy-efficient technologies based on modern approaches to energy management. Besides, within the framework of this project, it’s planned to study international experience in this area and demand for electricity," the agency’s representative noted.

The use of renewable energy sources was identified by the head of the Azerbaijani state as one of the priority directions for the development of the energy sector. So, the focus is on the implementation of pilot projects for the construction of a wind farm with a design capacity of 240 megawatts and a solar power plant with a design capacity of 230 megawatts in accordance with agreements signed with ACWA Power and Masdar (JSC) in January 2021.


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