One of the most important directions in the electricity sector is renewable energy sources, Azerbaijan's Deputy Energy Minister Elnur Soltanov said during panel sessions organized as part of the 9th Sustainable Development Goals (SDG) Dialogue, APA-Economics reports.
According to him, Azerbaijan plans to commission an additional 2 gigawatts of capacity by 2027–2028, and this process has already begun.
"We believe that another 1 gigawatt of capacity will be added by 2030. We are talking about wind and solar energy. Currently, the share of renewable energy sources in Azerbaijan's total installed electricity generation capacity is slightly below 22%, approximately 21.5%. This figure is expected to reach 34% by 2030, and we are moving rapidly in that direction."
Elnur Soltanov emphasized that just as Azerbaijan is a regional leader in the oil and natural gas sectors, it is at least a regional leader in green energy as well.
"So, what is the main limiting factor here? Renewable energy can already compete with traditional energy sources under market conditions in many areas, but this is not always possible.
For example, creating an additional 2 gigawatts of capacity means attracting approximately $2 billion in investment to the country. Masdar is one of our first partners in this field and our largest strategic partner. Masdar will be responsible for developing more than 1 gigawatt of solar and wind energy capacity.
However, what I want to say is that, in return for this $2 billion investment, the Azerbaijani state must spend approximately one-fifth of that amount to strengthen its electricity grid," he emphasized.
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