Azerbaijan plans to hold competitive auctions in the next phase of renewable energy development starting from 2028, Energy Minister Parviz Shahbazov said during his speech at the Third National Competition Forum held in Baku, APA-Economics reports.
According to the minister, nearly 20 large-scale solar and wind energy projects are currently being implemented with the UAE's Masdar, Saudi Arabia's ACWA Power, the UK's bp, as well as companies from China and other countries.
He noted that the commissioning of 11 power plants with a total capacity of approximately 2 GW under the first phase will be completed by the end of 2027.
"Private investments in these projects are expected to exceed $2 billion, while state investments will surpass $600 million," the minister said.
Shahbazov added that the participation of local companies in renewable energy projects is also expanding. Examples include SOCAR's involvement in several green energy projects, as well as the implementation of four power plants with a total capacity of 150 MW in Jabrayil and Nakhchivan by local investors.
The minister stated that the 100 MW Gobustan Solar Power Plant, built by China's Universal International Holdings Limited, which won Azerbaijan's first renewable energy auction held during COP29 in 2024, was recently commissioned.
According to him, under the agreements signed, the country plans to develop approximately 8 GW of solar and wind energy capacity by 2032.
Shahbazov emphasized that competitive auctions, direct selection of investors, state guarantees, and other incentive mechanisms are being applied to attract investment to the renewable energy sector.
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