$2B foreign investment to boost green energy in Azerbaijan

All the necessary legislative framework has been prepared in Azerbaijan for connecting 2 gigawatts of solar and wind power plants to the grid by 2027, stated Javid Abdullayev, Director of the State Agency for Renewable Energy Sources under the Ministry of Energy, Report informs

"The capital investment for a solar power plant with a capacity of 1 megawatt is between $600,000-$800,000, and for a wind power plant it is between $1.2-$1.4 million. That is, by 2027, the amount of direct foreign investments solely for the development of green energy in Azerbaijan is envisaged at $2 billion. This is a sufficiently large figure, perhaps the largest investment after the oil and gas sector. The Azerbaijani state does not have even one manat of share in these investments; these are investments directly made by foreign investors," he noted.