5 Dec 2023 14:28

Azerbaijan expects to implement 8 GW of renewable energy projects by 2030 using foreign investments - Energy Minister

BAKU. Dec 5 (Interfax) - Azerbaijan plans to implement green energy projects with a total capacity of over 8 GW using foreign investments by 2030, Energy Minister Parviz Shahbazov said.

As part of the 28th Conference of the Parties to the UN Framework Convention on Climate Change in Dubai (UAE), the "Opportunities for investment in Renewable Energy Sources in Azerbaijan" event was held, during which Shahbazov noted that projects are planned on land and sea both for domestic needs and for decarbonizing the economy and exporting electricity.

He said that in October of this year, the country, together with Masdar (UAE), had commissioned the largest solar power plant in the CIS and the Caspian region with a capacity of 230 MW.

Masdar, ACWA Power (Saudi Arabia), British BP plc , China Gezhouba (China), international Nobel Energy and Turkish Baltech also plan to commission eight solar and one wind power plant in total with a capacity of 1.6 GW by 2027, Shahbazov said.

"In addition, in 2031-2037, in order to produce and export green energy, hydrogen, and green ammonia, we plan to create about 19 GW of capacity along with international energy companies," Shahbazov added.

The minister also noted the intensive work required to organize the export of 4 GW of green energy along the Caspian-Black Sea-Europe corridor and more than 1 GW along the Azerbaijan-Turkey-Europe route.

Shahbazov also expressed his readiness to cooperate with companies involved in the production of wind turbines, as well as interest in launching the production of solar panels and energy conservation systems in Azerbaijan.