Today, as part of the opening of Baku Energy Week, the foundation will be laid for three power plants to be built in Azerbaijan by Masdar, a global leader in renewable energy, Zamina Aliyeva, an advisor to Azerbaijan's Minister of Energy, said.
According to Report, the three power plants will have a combined capacity of 1000 MW.
Zamina Aliyeva said the necessary agreements have already been signed with Masdar to construct two solar power plants in Bilasuvar (445 MW) and Neftchala (315 MW), as well as a wind power plant in Garadagh, Absheron, with a capacity of 240 MW.
She said the total investment in these projects is estimated to be around $1 billion.
This significant investment demonstrates Azerbaijan's commitment to diversifying its energy mix and embracing renewable energy sources.
Azerbaijan has set ambitious targets for increasing the share of renewables in its energy portfolio. By 2030, the country aims to generate at least 30% of its electricity from renewable sources.