(MENAFN- AzerNews) By Ayya Lmahamad
Azerbaijan aims to increase the share of renewable energy sources in electricity production to 30 percent by 2030, by using the country's solar and wind energy potential and increasing investments in this sphere, the Energy Ministry has stated in its official page.
'In this regard, by 2030, it is planned to put into use about 1,500 MW of new installed capacity. It is planned to fulfill this task at the expense of private investments, the ministry's presser reads.
The ministry said that discussions are being held with investors to attract private investment in order to use renewable energy sources to create a green energy zone in Azerbaijan's liberated territories. In addition, work is underway to attract private investment in the field of electricity generation from traditional energy resources.
'The adoption of the draft law 'On Electric power engineering" based on modern approaches will ensure the formation of a competitive environment in this area, the ministry stated.
Investments are also planned to be attracted both by the privatization of existing plants and the construction of new private power plants.
'At the same time, the ministries continue negotiations with investment companies for the construction of a new gas-turbine power plant, and many international companies expressed their interest in participating in the project, the statement reads.
Moreover, it was stated that one of the main conditions that investors are interested in is the existence of a legislative framework meeting international requirements.
'After the adoption of the abovementioned law, together with the European Bank for Reconstruction and Development, the implementation of small-scale projects in the field of energy resources through private investment will begin, the ministry added.
Furthermore, signed agreement with Saudi Arabia's ACWA Power on the construction of 240 MW wind power plant was noted. It is planned to invest $300 million for the implementation of the project and to produce about 1 billion kWh of electricity per year.
'As a result of this project, 200 million cubic meters of gas will be saved per year, and the volume of emissions will be reduced by approximately 400,000 tons per year. The project will also contribute to the establishment of modern production and service areas and the creation of new jobs, the statement says.
Noting the signed agreement with the United Arab Emirates' Masdar company on the construction of a solar power plant, the ministry emphasized that discussions are continuing and it is expected to sign other agreements in March.
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Ayya Lmahamad is AzerNews' staff journalist, follow her on Twitter: @AyyaLmahamad
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