Billions of dollars invested in solar, wind energy projects – minister

Azerbaijan expects to commission 15 power plants with a combined capacity of about 2 gigawatts by the end of 2027 as part of the first phase of renewable energy development, Energy Minister Parviz Shahbazov said on Wednesday at the third National Competition Forum.

Private investment in these projects is expected to reach $2 billion, and public investment is projected at $600 million. Agreements have been signed to develop about 8 gigawatts of solar and wind capacity in Azerbaijan by 2032.

Projects with a total capacity of 20 gigawatts are being implemented with companies from the UAE, including Masdar, Saudi Arabia's ACWA Power, the UK's BP, and firms from China. Local firms are also expanding; SOCAR is involved in green energy projects, and local investors are developing four plants with a combined 150 megawatts in Khachmaz and Nakhchivan. Competitive auctions are planned from 2028.