The Ministry of Industry and Energy of Azerbaijan has announced it will invest US$8.9 billion to increase renewables generation to 20% by 2020.
Reported by local news portal news.az, Minister of Industry and Energy, Ramiz Rezaev, said: “At present, the government has prepared and reviewed draft laws on alternative energy and energy efficiency.”
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Raezev also said the ministry was developing a medium-term strategy for the industry for 2012-2015. “New legislation to develop a financial incentive mechanism, improve tariff regulation, and so on, will increase the share of renewable energy and will create the right conditions to attract investors”, said Rezaev.
