Under the first phase of renewable energy development in Azerbaijan, 11 power plants with a total capacity of about 2 gigawatts are planned to be commissioned by the end of 2027. This was announced by Azerbaijan's Energy Minister Parviz Shahbazov.
According to the minister, private investment in these projects is expected to reach $2 billion, while public investment will amount to $600 million.
He also said that, based on signed agreements, Azerbaijan plans to create about 8 gigawatts of solar and wind energy capacity by 2032.
Shahbazov noted that projects in the solar and wind energy sector with a total capacity of 20 gigawatts are currently being implemented with the participation of Masdar from the United Arab Emirates, Saudi Arabia's ACWA Power, the UK's BP, as well as companies from China and other countries.
The minister emphasized that the involvement of local companies in this sector is also expanding. Examples include SOCAR's participation in green energy projects and the implementation by local investors of four power plant projects with a total capacity of 150 megawatts in Khachmaz and Nakhchivan.
He added that starting in 2028, at the next stage of renewable energy development, competitive auctions are also planned.
