Baku: Azerbaijan is poised to make significant strides in its renewable energy sector by attracting nearly $3 billion in investments over the next two years. It is slated to commission 10 solar and wind power plants during this period, APA-Economics reports, citing the Ministry of Finance.
According to Azeri-Press News Agency, these projects will be executed with the help of international financial organizations and will have a total investment value of 2.7 billion US dollars. The initiatives are part of a broader plan to boost the share of renewable energy sources in Azerbaijan’s total energy production.
The Ministry of Finance forecasts that by 2027, renewable energy sources will account for 33.7 percent of Azerbaijan’s installed energy capacity. This share is expected to rise to 38 percent by 2030, and further increase to 42.5 percent by 2035.