Azerbaijan sets minimum investment threshold for renewables projects at $18 mln

BAKU. May 12 (Interfax) - The Azerbaijani government has approved the minimum investment requirement for electricity generation projects using renewable energy sources with a state purchase obligation, the government's press service said.

"Prime Minister Ali Asadov signed a new resolution setting the minimum total investment for electricity generation projects using renewable energy sources with a state purchase obligation at 30 million manat [approximately $17.6 million]," it said.

The Energy Ministry previously said that by 2027, the country plans to implement projects for the construction of eight industrial-scale solar and wind power plants with a total capacity of around 2 GW. These projects are collectively valued at $2.8 billion and will be implemented using foreign and local investment.

The official exchange rate on May 12 is 1.7 manat/$1.