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Azerbaijan Plans $7 Billion Boost in Renewable Energy by 2020

Azerbaijan plans to raise its renewable energy capacity to about 20 percent of its total power demand by 2020 – an investment estimated at $7 billion.

According to the Ministry of Industry and Energy, the government has drawn up a strategy to build 2,000 megawatts of capacity in the next eight years. Investors will provide most of the funding.

In the past four years, the Caspian Sea nation has spent about $90 million on pilot renewable-energy projects, all while output crude oil declined for a second year in 2012.

In conformity with a recent State Statistics Committee's report, the country produced 43 million metric tons of oil last year, down 5.3 percent from 2011.

Source: Bloomberg

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