Azerbaijan pours over USD 100m in renewables

Sep 24, 2014 - Azerbaijan has invested more than USD 100 million (EUR 77.8m) from public funds in renewable energy projects so far, Akim Badalov, director of the country’s State Agency on Alternative and Renewable Energy Sources said Tuesday.

Investment in the sector is being promoted by local laws under which renewable energy project developers are exempted from paying customs duties and value added tax (VAT) on solar product imports for 10 years, Badalov told reporters during a business forum held by the Caspian European Club (CEIBC). The regulation was introduced with a Cabinet decision at the end of April.

Azerbaijan has a huge renewable energy potential that is still untapped. At present, the Caspian Sea country sources less than 1% of its total power from renewables. It aims to lift that percentage to about 20% by 2020.

(USD 1.0 = EUR 0.778)

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