Azerbaijani president orders allocating funds to study potential of alternate and renewable energy

The decree order to allocate million manats o the Ministry of Industry and Energy from the Presidential Reserve Fund of State Budget 2009 to stuudy opportunities of generation and application of wind, solar, biomass and geothermal energy in the coungry.

Another 1 million manats was allocated from the PRF to Azerenerji OJSC to study wind energy resources and energy potential of mountain rivers and wide use of small electric power stations.

The Ministry of Finance was commissioned to undertake financing procedure and the Cabinet Ministers to solve issues arising from the decree.

The study sets a goal of creation of new energy sources for expansion of national energy security. The decree says that geographical situation and favorable climatic conditions of Azerbaijan create great opportunities for generation of eco-friendly alternate and renewable energy.

“This matter that becomes more and more actual around the world acquires priority importance in Azerbaijan as well and preliminary measures are being taken in this direction.”

The State Agency for Alternate and Renewable Energy Sources has been already established under the MIE.

The State Oil Fund of Azerbaijan (SOFAZ) is to begin financing this direction in 2010, while Azerbaijan Investment Company is ready to become co-investor in similar projects.

/Fineko/abc.az/