Azernews.Az

By Nigar Orujova

China’s largest energy company POWERCHINA expressed interest in alternative energy sector of Azerbaijan, the country not only rich in hydrocarbons, but also rich by other natural resources.

The nation enjoys huge alternative energy sources especially solar, wind and thermal energies. Within next five years, Azerbaijan plans to build up to 100 facilities for alternative energy.

Currently, the share of alternative energy in the total energy production in Azerbaijan exceeds 7 percent. By 2020, the country plans to increase this figure up to 20 percent.

The Chinese company expressed a special interest in implementing joint projects together with the State Agency on Alternative and Renewable Energy Sources. The delegation of the company has already visited Azerbaijan to assess its alternative and renewable energy field.

Stressing that Azerbaijan is the most attractive country for investments in the region, the Chinese delegation voiced readiness to begin implementation of joint projects in the field of alternative and renewable energy sources in the near future.

During the visit, the delegation also got acquainted with alternative energy sites including the factory for the production of solar panels AzGunTex, Gobustan experimental polygon and solar power station in Pirallahi island.

The company also held a working meeting to discuss plans on the future joint activities with the State Agency on Alternative and Renewable Energy Sources.

The Power Construction Corporation of China provides comprehensive and full-range of services from planning, investigation, designing, consulting, civil works construction to M&E installation and manufacturing services in the fields of hydropower, thermal power, new energy and infrastructure.

By late June 2015, POWERCHINA had total assets worth $70.4 billion and 200,000 employees. The company performed 1,565 overseas projects in 110 countries. The annual revenue in 2014 was $ 42.4 billion.

Today Azerbaijan is open to foreign investment especially in non-oil sector and the alternative energy is of special interest in the country.

Last year, investment in alternative energy development in Azerbaijan exceeded 63 million manats ($39.2 million), of which almost 35 million manats ($18.7 million) was invested in the development of solar energy, as most of the country’s potential in this area is accounted for by solar energy, with an estimated at 5,000 megawatts.

In addition, wind power accounts for 4,500 megawatts energy potential, 1,500 megawatts for biomass, and 800 megawatts for geothermal energy. The remaining 350 megawatts is the potential for small hydroelectric power plants.

In total, about 800 million manats ($498 million) has been invested in this sector in Azerbaijan since 2000.

The country plans to cooperate in this area with neighboring Georgia and Turkey, as well as Germany.

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Nigar Orujova is AzerNews’s staff journalist, follow her on Twitter: @o_nigar

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