TODAY.AZ / Business

Azerbaijan, Germany mull cooperation in renewable energy sector

26 June 2022 [10:00] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Azerbaijan and Germany have discussed the cooperation in the renewable energy sector, Azernews reports, citing the Energy Ministry.

The discussion took place during the roundtable on investments and projects in the renewable energy sector organized by the German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) and RENAC AG. Azerbaijan's Deputy Energy Minister Elnur Soltanov and the delegation of German companies visiting Azerbaijan participated in the roundtable.

During the event, representatives of German companies were briefed on renewable energy potential in Azerbaijan, work done on the development of this field in the country, next targets and investment opportunities. The measures to be taken to establish a green energy zone in the liberated territories were brought to the attention.

Moreover, the questions of companies interested in investing in the projects were answered and the sides exchanged views on the prospects for future cooperation in the field of renewable energy.

It should be noted that Azerbaijan's renewable energy sources capacity, including hydropower, amounts to 1,312 MW.

Azerbaijan and Germany established diplomatic relations on February 20, 1992. On September 2, 1992, Azerbaijan opened its first embassy in Western Europe, in Germany, while on September 22, 1992, Germany established its embassy in Azerbaijan. The two countries are successfully cooperating in various fields of economy. Azerbaijan is the main economic and trade partner of Germany in the South Caucasus.

The trade turnover between Azerbaijan and Germany amounted to $1.2 billion in 2021.


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