BAKU, Azerbaijan, June 16. Azerbaijan has notably upgraded its grid infrastructure to integrate green energy, Country Manager at Masdar in Azerbaijan, Murad Sadikhov, said during a panel discussion "Powering Azerbaijan's Green Transition: Renewable Energy as a Bankable Investment Opportunity" within the framework of Investment Outlook Session in Baku, Trend's correspondent reports from the event.
He remarked that the attractiveness of Azerbaijan's renewable energy and investment environment is increasing due to the strong institutional and political support formed in the country, as well as continuous reforms.
According to him, one of the main factors for the implementation of "green energy" projects in Azerbaijan is the strong political will of the government and its continuous support for this area.
"The main factor for the success of investment projects in Azerbaijan is the attention, commitment, and determination shown by the government. Of course, resources, legislative framework, and local capabilities are also important for this, but the main issue is the state's commitment to this process," he said.
Sadikhov noted that Azerbaijan's strategy of transition to renewable energy since 2018 was the beginning of a new stage in the country's energy sector.
According to him, although the country had extensive experience in the traditional energy sector during this period, the transition to green energy required serious institutional and technical adjustments.
"At the initial stage, both the government and investors had to make a number of adjustments to the legislative and regulatory framework. Later, investment promotion documents, changes in tax legislation, and a special legal framework for renewable energy were formed," he noted.
According to the Masdar representative, the adoption of the law "On the use of renewable energy sources in the production of electricity" played an important role in making the investment climate stable and transparent.
He added that network infrastructure is also one of the main conditions for the success of the energy transition.
"Renewable energy is not limited to generation alone. For its effective integration, a strong and balanced network system is needed. Azerbaijan has directed serious investments in this area and significantly modernized the network infrastructure," Sadikhov said.
According to him, one of the important factors in the investment climate is financial stability. He noted that Azerbaijan has formed a stable economic environment and predictable rules for investors for many years.
"The government provides investors with clear and transparent rules, along with the protection of investments, ensuring the free repatriation of dividends and income. This makes Azerbaijan a unique and attractive place for investment," he emphasized.
Sadikhov added that a few years ago, the United Arab Emirates assessed Azerbaijan as one of the 50 most attractive investment destinations by 2050.
He also noted that the human capital and experience formed in the energy sector in the country facilitate the transition to renewable energy.
"At the heart of all these processes is the strong commitment of the government, and we see this clearly in Azerbaijan," the Masdar official said.
