Billions Of Dollars Invested In Solar, Wind Energy Projects Minister

(MENAFN- Trend News Agency) 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.

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