Britain eyes investing in Azerbaijan's renewable energy sector

Department for International Trade Department of the British Embassy in Azerbaijan and the British Business Group held an online seminar on "Renewable Energy Sector in Azerbaijan: Changes and Opportunities," Report says, citing the Ministry of Energy.

The seminar was aimed at informing British companies about the ongoing reforms, work done, and plans in the renewable energy sector in Azerbaijan and discussing the investment opportunities this process will open for companies.

About 100 representatives and experts from international organizations such as the International Renewable Energy Agency, the World Bank, the European Bank for Reconstruction and Development (EBRD), the United Nations Development Program, as well as BP, ABB, Hayward Tyler, Nobel Oil, Royalton Holdings, Mott MacDonald and others attended the event.

The seminar provided detailed information on the draft law of the Republic of Azerbaijan "On the use of renewable energy sources in the production of electricity." One of the directions developed considering the international experience is holding auctions to attract private investment in renewable energy. Moreover, detailed information was given on the potential for renewable energy sources in Azerbaijan, work in this area, and pilot projects in solar and wind energy.