Deputy minister discloses amount of investments to be made by Arab companies in Azerbaijan
Arab companies will invest about $400 million in Azerbaijan, Azerbaijani Deputy Energy Minister Elnur Soltanov told reporters, Trend reports on Feb. 19.
“Saudi Arabian ACWA Power company and the UAE’s Masdar company will invest $400 million in the pilot projects in the field of renewable energy sources in Azerbaijan,” the deputy minister added.
“The implementation of these projects will take about two years,” Soltanov added. “The project commissioning will be carried out gradually.”
“In accordance with the contracts, together with ACWA Power company, Azerbaijan will implement the pilot projects related to the construction of wind power stations with a capacity of 240 megawatts, while with Masdar company, Azerbaijan will implement the pilot projects related to the construction of solar power stations with a capacity of 200 megawatts,” Soltanov said.
“In general, about 1.4 kilowatts of electricity are planned to be generated per hour within wind and solar power projects,” the deputy minister said.
“The commissioning of these power plants will save 300 million cubic meters of gas per year, which is 10 percent of the gas consumed by the Azerbaijani population,” the deputy minister said. “This volume of 300 million cubic meters exceeds the entire gas demand in Azerbaijan’s Nakhchivan Autonomous Republic.”
"The implementation of these projects means additional foreign investments and the expansion of the opportunities for saving and export of gas," Soltanov said.
The signing ceremony of executive contracts among the Azerbaijani Ministry of Energy and ACWA Power and Masdar companies for the implementation of pilot renewable energy projects was held in Baku on January 9.
The agreements were signed by Azerbaijan’s Energy Minister Parviz Shahbazov, Chairman of the Board of ACWA Power Mohammad Abunayyan and Chief Executive Officer of Masdar Mohamed Jameel Al Ramahi.
Azerbaijan hosts World Forum on Intercultural Dialogue
01 May 2024 / 13:38
63 people detained during Tbilisi protest
01 May 2024 / 13:32
Armenia’s Pashinyan spills water on his desk, clothes to explain what he is doing in Tavush Province
30 April 2024 / 13:25
Armenia, Azerbaijan FMs to meet in Kazakhstan
29 April 2024 / 13:40
Aram I: Mr. Erdogan, our ancestors were massacred by your ancestors, don't try to oppose diaspora to Armenia
24 April 2024 / 14:20
Azerbaijan and Armenia start border delimitation process
23 April 2024 / 11:38
Armenia premier: Our society asks why we continue to be member state of CSTO?
23 April 2024 / 11:30
Ilham Aliyev on his way to Moscow for talks with Vladimir Putin
22 April 2024 / 10:39
German Foreign Ministry reacts to agreement between Armenia and Azerbaijan on border delimitation
22 April 2024 / 10:32
Is Pashinyan going to attend Putin's inauguration?
17 April 2024 / 14:40
Russian peacekeepers’ pulling out from Nagorno-Karabakh has begun, Kremlin confirms
17 April 2024 / 14:34
Tokayev: Kazakhstan ready to offer platform for Armenia-Azerbaijan negotiations
15 April 2024 / 13:37
U.S. refuses to join Israel in retaliatory action against Iran
15 April 2024 / 11:33
Olivier Decottignies: France is providing Armenia military gear everyone’s desperate to get
09 April 2024 / 13:58
Ruben Vardanyan nominated for Nobel Peace Prize
08 April 2024 / 13:48