TODAY.AZ / Business

BP eyes to develop solar, wind power in country

15 July 2019 [14:35] - TODAY.AZ

By Azernews


By Leman Mammadova

Given the raising role of renewables in the energy security, Azerbaijan aims to increase their share in the country’s power generation.

Azerbaijan is currently studying an international experience in the development of renewable energy sources, in the creation of legal framework in this direction.  

BP, which has been playing a key role in the development of the oil and gas sector in Azerbaijan, will also become the country's most reliable partner in the field of renewable energy.

Azerbaijan signed the relevant document on renewable energy with BP in late 2018.

Parviz Shahbazov, Energy Minister, met with the delegation including the authorized representative of BP William Lin on the upstream, and Regional President for Azerbaijan, Georgia and Turkey Gary Jones, on July 15, in Baku.

The meeting focused on opportunities to explore potential opportunities for renewable energy sector development.

Shahbazov noted that the presidential decree "On the acceleration of reforms in the energy sector of the Republic of Azerbaijan" emphasizes the promotion of the use of renewable energy sources, the creation of a favorable investment environment in this area and the support of private entrepreneurship as a separate direction.

He stressed that the cooperation with BP will play an important role in achieving the objectives defined in this decree and the development of the renewable energy sector.

Lin expressed his satisfaction for the long-term cooperation with Azerbaijan in the energy sector and appraisal of cooperation with BP on the use of renewable energy sources.

BP highlighted its interest in the implementation of both solar and wind energy projects in the country. So, projects to be implemented with the participation of BP in the future could contribute to the share growth of renewable energy in Azerbaijan's energy balance, as well as to sustainable development.

Presently, Azerbaijan implements a number of measures for further development of alternative energy sector, aimed at reduction of its dependency on oil and gas. The favorable geographic location and climatic conditions allow the widespread use of environmentally friendly alternative energy sources in Azerbaijan.

Along with BP, the Energy Ministry has already signed memorandums of understanding with TOTAL and Equinor on alternative energy cooperation.

The country is currently working on the new draft law on alternative energy sources together with Norwegian company DNV GL.

According to the Market Analysis Azerbaijan 2019, expansion of renewable electricity generation is estimated at 430 MW in 2018-2020, 840 MW in 2021-2025, and 925 MW in 2026-2030. The share of renewables in the total power generation is expected to be 15 percent by 2020, 25-30 percent by 2025 and 35-40 percent by 2030.

URL: http://www.today.az/news/business/184512.html

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