Azerbaijan may hold auctions on renewable energy this year

"Chances are high for Azerbaijan to hold auctions on the development of renewable and alternative energy projects this year," Deputy Minister of Energy Elnur Soltanov told journalists.

"The bill on renewable energy sources is already at the stage of approval. Preparations for the auction are underway. The auctions will probably be held in 2020," Soltanov said.

On January 9, Azerbaijan's Energy Ministry, ACWA Power, and Masdar, represented by Energy Minister Parviz Shahbazov, Chairman of ACWA Power, Mohammad Abunayyan, and Masdar CEO Mohamed Jameel Al Ramahi, signed contracts on the implementation of the pilot projects on renewable energy.

The documents provide for the construction of 240 MW-wind power plants jointly with ACWA Power, and 200 MW -solar power plant with Masdar. The stations will produce 1.4 kWh of energy per year.

According to Soltanov, five companies have already displayed an interest in participating and investing in renewable energy projects.