France shows an interest in renewable energy sector in Azerbaijan


May 23, Fineko/abc.az. The Ministry of Energy held a meeting with Gael Assayag, the head of the South Caucasus Department of the French Development Agency.

During the meeting Agency's participation in the financing of projects on sustainable energy supply and clean energy was discussed, and it was noted that to date, €10.4 bn has been allocated for 752 projects in various fields.

According to Mr. Assayag, the Agency is interested in participating in renewable energy projects in Azerbaijan and expressed its readiness to provide financial support.

Deputy Energy Minister Elnur Soltanov stated that a regulatory framework is being created to raise private investments in development of the renewable energy sector and mechanisms are being developed for the introduction of favorable tariffs. BP, Total, Masdar and other foreign companies signed cooperation documents to expand the use of renewable energy sources.

During the meeting the parties exchanged views on promising cooperation projects in the field of renewable energy.