Azerbaijan has reached a level that makes it attractive for investments not only in fossil fuels but also in renewable energy and other spheres, according to Murad Sadikhov, Director of the Masdar Azerbaijan company, Renewables.az informs via Report.
Sadikhov made the remark during the panel discussion Sustainability in the energy industry held within the framework of the 30th Anniversary International Caspian Oil and Gas Exhibition and the 13th Caspian International Energy and Green Energy International Exhibition in Baku.
He noted that the company's activity in Azerbaijan began with the Garadagh solar power plant project with a capacity of 230 megawatts, which is the first utility-scale project.
"Currently, we have started the implementation of two more projects with our partner SOCAR Green and are preparing a wind power plant project with a capacity of 240 megawatts. In total, the portfolio that will be under our management in Azerbaijan will exceed 1.2 gigawatts by 2027," the director stated.
According to Sadikhov, all this has been made possible thanks to the consistent efforts of the Azerbaijani government, the country's political leadership, and their firm commitment to the course of diversification in both energy and industry.
"It is important to understand and respect the path that Azerbaijan has taken in the development of energy projects and investment relations. We are confident in the sustainability of Azerbaijan's economy and the efficiency of governance. This project was an important milestone both for us at Masdar and for the Azerbaijani government. We have shown that, firstly, there is trust between us, and secondly, we were able to convince our creditors and partners that Azerbaijan has reached a level that makes it attractive for investments not only in the traditional energy sector but also in renewable energy sources and other promising directions," he noted.
