Wind farm launched in Yeni Yashma
A wind farm with a capacity of 50 megawatts in the village of Yeni Yashma of the Khyzy area is ready for use and until the end of September it will be connected to the network Azerenergy.
The head of the State Agency for Alternative and Renewable Energy of Azerbaijan Akim Badalov told the media it is not the only power plant, commissioning of which is expected this year. His organization continues to work on the creation of new generating capacity in the field of alternative energy in Sumgait, Pirallahi, Garadagh, and Samukh. In the same Yeni Yashma there is another object whose construction is completed and the inspection work is already underway.
According to him, the projects finalized the construction of new solar power plants in seven regions of the country. By early next year it is scheduled to lay the foundation of these objects. In addition, in Sheki and Siyazan at the beginning of 2015 it is planned to lay the foundations of power plants using biomass. In Sheki there has been also completed the construction of a small hydropower plant, and its commissioning is underway.
Speaking about the plans for the next year, the head of the renewable energy agency announced his intention to launch a project to build power plants with total capacity of 300 MW capacity by using wind and solar energy, small rivers, and geothermal water and biological resources. According to him, to date, the amount of public investments aimed at the development of this sector, from July 16, 2009 exceeded 100 million manat. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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