Azerbaijan plans to increase the number of foreign companies investing in the country’s renewable energy sources (RES) by holding more auctions, Energy Minister Parviz Shahbazov said on Wednesday.
Speaking at the sidelines of the Gastech 2021 exhibition in the UAE, Shahbazov said that there are also plans to raise the share of renewable energy sources in electricity production in Azerbaijan to 30 percent by 2030, which clearly demonstrates the country's commitment to the transition towards 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 between Shahbazov and his Emirati counterpart Suhail Mohammed Faraj Al Mazroui, fields of possible future partnerships, as well as 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 the trust of our country’s business environment, and I’m sure that other UAE companies as well will invest in relevant fields in Azerbaijan,” said Shahbazov.
Attended by over 300 high-ranking officials, as well as businessmen and experts, the State Oil Company of the Azerbaijan Republic (SOCAR) represented the country at the Gastech 2021 exhibition with a large stand.
