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Azerbaijan Plans $7 Billion Boost for Renewable Energy by 2020

Jan. 30 (Bloomberg) -- Azerbaijan plans to raise renewable energy capacity in the country, the third-largest oil producer of the former Soviet Union, to about 20 percent of total power demand by 2020, with investment estimated to reach $7 billion.

The government drew up a strategy to build 2,000 megawatts of capacity in the next eight years, Ramiz Rzayev, a department head at the Ministry of Industry and Energy, said today by phone from Baku. Investors will provide most of the funds, he said.

The Caspian Sea nation has spent about $90 million on pilot renewable-energy projects in the past four years, while output of crude oil in 2012 declined for a second year. The country pumped 43 million metric tons of oil last year, down 5.3 percent from 2011, the State Statistics Committee said on Jan. 17.

-- With assistance from Marc Roca in London. Editor: Tony Barrett, Reed Landberg

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

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