Azerbaijan aims for 33% renewable energy share by 2027 Energy minister announces ambitious goal

Azerbaijan is targeting an increase in the share of renewable energy sources (RES) to 33% by 2027, as announced by Energy Minister Parviz Shahbazov.

Speaking at a panel discussion on “Investment and Global Cooperation” at the Wind Energy Hamburg conference, Shahbazov emphasized the favourable investment environment that has attracted international financiers to the country’s green energy initiatives, Caliber.Az reports citing the Azerbaijani Energy Ministry.

“Our 2 GW green energy projects are backed by approximately $2 billion in investments from global energy leaders, enabling us to boost the share of renewable energy in our installed capacity,” he stated. The minister also highlighted that support from the government, along with partnerships with the European Bank for Reconstruction and Development (EBRD) and the World Bank, is crucial for the successful integration of new power plants into the national grid.

Shahbazov detailed plans for utilizing the Caspian Sea’s wind energy potential, estimated at 157 GW, alongside 18 GW of projects focused on "green hydrogen" and "green ammonia." He mentioned that three "green energy corridor" projects are set to be implemented in collaboration with international energy firms by 2037.

He specifically pointed to the strategic significance of the "Caspian-Black Sea-European Green Energy Corridor" in light of the European Union's hydrogen import plans and anticipated electricity demand growth of 50% by 2040. 

The Minister underscored the vast opportunities for cooperation in connecting European electricity consumers to Azerbaijan’s wind energy and fostering partnerships with the European Wind Energy Association and German companies to produce offshore wind farm equipment, develop hydrogen and energy storage systems, and optimize electricity flows.

By Tamilla Hasanova