BAKU, Azerbaijan, October 14. Azerbaijan is
expected to complete the commissioning of 11 solar and wind power
plants with a combined capacity of about 2 gigawatts by the end of
2027, as part of the first phase of renewable energy development,
Energy Minister Parviz Shahbazov said at the third National
Competition Forum organized by the State Agency for Antimonopoly
and Consumer Market Control on Wednesday, Trend’s correspondent reports from the
event.
Private investment in these projects is expected to reach $2
billion, while public investment is projected at $600 million, the
minister said.
According to Shahbazov, agreements have been signed to develop
solar and wind power generation capacity of approximately 8
gigawatts in Azerbaijan by 2032.
He noted that 20 gigawatts’ worth of solar and wind energy
projects are currently being implemented with companies from the
United Arab Emirates, including Masdar; Saudi Arabia’s ACWA Power;
the UK’s BP; and companies from China and other countries.
The minister emphasized that local companies are also expanding
their participation in the sector. Examples include SOCAR’s
involvement in green energy projects and the development by local
investors of four power plants with a combined capacity of 150
megawatts in Khachmaz and Nakhchivan.
He added that competitive auctions are also planned from 2028 as
part of the next phase of renewable energy development.
