UK investors eye renewable energy opportunities in Azerbaijan, says ambassador

British investors and companies are showing strong interest in Azerbaijan, with growing confidence that investment opportunities will come to fruition, Fergus Auld, British ambassador to Azerbaijan, has said.

Speaking on the sidelines of the Baku Climate Action Week (BCAW), which he attended for the second time, Auld praised the event’s growth and impact, Caliber.Az report, citing local media.

“The Baku Climate Action Week was first held last year and marked an important beginning. This year, it has been organized on a broader and more successful scale. Azerbaijan hosting COP29 is a major achievement and provides an important opportunity not only for governments but also for businesses and individuals to respond to climate challenges,” he said.

Auld highlighted Azerbaijan’s ambitions in the renewable energy sector, noting significant potential in solar, wind, and hydro energy, both onshore and offshore. “There are plans to attract and expand investments. What matters is that all commitments are fulfilled. Faster progress can be made given Azerbaijan’s resources,” he added.

The ambassador also pointed to opportunities for collaboration between the UK and Azerbaijan in renewable energy expertise. “For example, bp is investing in the Shafag solar power plant in Jabrayil, which will also contribute to the decarbonization of the Sangachal terminal. British investors and companies are highly interested in Azerbaijan, and we believe these opportunities will become a reality,” Auld said.

By Vugar Khalilov