TODAY.AZ / Politics

Azerbaijan mulls measures to attract investments in renewable energy sector

13 July 2020 [14:25] - TODAY.AZ

By Azernews


By Ayya Lmahamad

Azerbaijan’s Energy Ministry has discussed the implementation of the Action Plan on attracting additional investments in renewable energy.

The action plan on attracting additional investments in renewable energy was approved at the meeting of the Cabinet of Ministers of Azerbaijan on May 22, 2020.

During the meeting held on July 11, land issues have been solved with ACWA Power company of the Saudi Arabia and Masdar company of the United Arab Emirates for the implementation of pilot projects of 240 MW wind and 200 MW solar energy, as well as installation of wind measurement stations and agreement on purchase of energy.

Moreover, it was noted that the documents “Investment agreement”, “Agreement on joining the transmission network” and “Land lease agreement” have been submitted to investors and the signing is planned for the next month.

Furthermore, it was noted that state guarantees on financial and non-financial obligations to investors were identified, and economic, environmental and social assessments of projects were carried out.

Additionally, relevant technical specifications and connection schemes had been prepared, including measures on power system management, transmission, relay protection and automation in connection with network strengthening and integration of projects into the network.

It was noted that, in order to increase the share of renewable energy in installed capacity to 30 percent by 2030, the preparation of proposals began with the involvement of a consulting company to determine the optimal period for connecting additional capacity to the network.

Parties exchanged views on the definition of areas for additional capacity for renewable energy and their auction, and agreed that it is important to continue cooperation.

Issues related to the development of permits for construction of power plants and simplification of commissioning procedures in the field of renewable energy sources were also discussed.

The use of renewable energy sources was determined by the country's president as one of the priority spheres for the development of the energy sector - implementation of pilot projects on the construction of a 240 megawatt wind farm and a 200 megawatt solar power plant in accordance with the agreements signed with Saudi Arabia’s ACWA Power company and UAE’s Masdar company on January 9, 2020.

Seven working groups, consisting of representatives of the structures such as the Ministry of Energy, the Ministry of Economy, the Ministry of Finance, the Ministry of Emergency Situations, the Ministry of Ecology and Natural Resources, the Ministry of Justice, the Committee for Urban Planning and Architecture, the State Service on Property Issues, the State Tax Service, Central Bank, Azerenergy OJSC, Azerishig OJSC, are operating to implement the president’s order.

URL: http://www.today.az/news/politics/195368.html

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