Azerbaijan and Uzbekistan plan to create joint venture in renewable energy field

Azerbaijan and Uzbekistan plan to create a joint venture for the production of components for renewable energy sources (RES), Head of the Department of the Institute for Strategic and Interregional Studies under the President of Uzbekistan Milana Bazarova said, reports.

Bazarova during the round table on the topic "Uzbekistan and Azerbaijan: new horizons of cooperation" said that Uzbekistan and Azerbaijan have great prospects in this direction and this initiative will contribute to accelerating the achievement of a number of objectives.

"Uzbekistan plans to increase the production of renewable energy in the next few years to 25,000 megawatts, from 14 to 40 percent. Therefore, 10 solar and wind power plants are expected to be built by 2025. In addition, it is planned to generate about 3,000 gigawatts of energy by 2026, and by 2030 - to reach the figure of eight gigawatts," she said.

Bazarova believes that considering the renewable energy sector as a strategic direction of development for both Uzbekistan and Azerbaijan, it would be appropriate to build a joint venture to produce the relevant components.

Azerbaijan’s total renewable energy capacity in 2022 amounted to 1,339 MW. According to the International Renewable Energy Agency (IRENA), renewable energy capacity in Azerbaijan over the last year increased by 1.74 percent year-on-year (1,316 MW in 2021).

Meanwhile, Uzbekistan is working on various policies and incentives to attract investments in renewable energy projects. According to the resolution "On measures to accelerate the introduction of renewable energy sources and energy-saving technologies in 2023", Uzbekistan is launching large solar and wind power plants, installing solar panels on buildings and so on.

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