Azerbaijan intends to attract more foreign investors to renewable energy projects, minister says

Azerbaijan plans to increase the number of foreign companies for their participation in the field of renewable energy sources (RES) in the country by holding auctions, Energy Minister of Azerbaijan Parviz Shahbazov said at the Gastech 2021 exhibition in the UAE, News.Az reports.

The minister said that there are also plans to bring the share of renewable energy sources in electricity production in Azerbaijan to 30 percent by 2030, which indicates the country's commitment to the transition to clean energy.

“We have contracts with leading international companies in the field of wind and solar energy, and soon, in order to implement renewable energy projects, we are going to hold auctions,” Shahbazov added.

During the meeting of the Azerbaijani energy minister with the Minister of Energy and Infrastructure of the UAE Suhail Mohammed Faraj Al Mazroui, the possibilities of partnership, bilateral and multilateral ties in the energy sphere were discussed.

“The construction of a solar power plant in Azerbaijan by the UAE’s Masdar company is a manifestation of trust to the business environment of our country, and I’m sure that other UAE companies as well will invest in relevant fields in Azerbaijan,” said Shahbazov.

The State Oil Company of Azerbaijan (SOCAR) is represented at the Gastech 2021 exhibition with a large stand. The exhibition was attended by over 300 high-ranking officials, as well as businessmen and experts.


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