Azerbaijan continues measures to attract investment in renewable energy [PHOTO]

14 December 2020 17:32 (UTC+04:00)

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Azerbaijan is undertaking measures to attract private investment in renewable energy, the Head of of the Energy Ministry’s Administration Zaur Mammadov said, Trend reports referring to the ministry.

Mammadov made the remark at a webinar under the theme ‘Renewables Sector in Azerbaijan: Changes and Opportunities’ jointly organized by the UK Embassy’s Baku Department for International Trade (DIT) and British Business Group (BBG) Azerbaijan.

He informed about the reforms carried out in the energy sector of Azerbaijan, legislative acts prepared on the regulation in the field of traditional energy, renewable energy and energy efficiency, energy and utilities.

In particular, detailed information was given about Azerbaijan's draft law ‘On the use of renewable energy sources in the generation of electricity’, and it was noted that one of the directions intended for attracting private investments in the renewable energy sector in the law drafted on the basis of international experience is the holding of renewable energy auctions.

The webinar’s main aim was to inform the UK companies in Azerbaijan about the ongoing reforms, work done and plans in the renewables sector and what investment opportunities this will help open up for the companies.

Representatives from international organizations such as International Renewable Energy Agency (IRENA), World Bank, ERDB, UNDP, as well as from companies such as BP, ABB, Hayward Tyler, Nobel Oil, Royalton Holdings, Mott MacDonald took part in the webinar.

At the same time, the renewable energy potential in Azerbaijan, the work done in this area, the pilot projects implemented in the field of solar and wind energy were touched upon.

Within the webinar, the specialists from Azerbaijan Renewable Energy Agency informed the participants on the renewable energy potential of Azerbaijan. The renewable energy potential of Nagorno-Karabakh region and surrounding districts such as hydropower, solar, wind energy, the work to be done and the steps to be taken to calculate the exact potential in these areas were brought to the attention and the possibility of cooperation opportunities with the private sector in this area was noted.

Director of Country Engagement and Partnerships Division of IRENA Gurbuz Gonul, who made presentation on ‘Overview of global energy transformation. Prospects for Azerbaijan’, gave detailed information about the development of the use of renewable energy sources in the world and brought to the attention of the seminar participants that the successful cooperation with Azerbaijan in the relevant field was continued.

Joel Derbyshire, Country Director for Azerbaijan and Regional Lead for Energy of British Embassy Baku Department for International Trade, John Patterson, Chairman of the British Business Group (BBG) Azerbaijan and Niall Henderson, Regional Vice-president of BP for Azerbaijan-Georgia-Turkey also made speech at the webinar.