BAKU, Azerbaijan, October 14. Azerbaijan is
expected to complete the commissioning of 15 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 solar and wind energy projects with a total
capacity of 20 gigawatts 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.
