The company’s analysts note that as hydrocarbon production volumes continue to decline, the non-oil sector is developing more rapidly: “The decline in the oil sector, which is the mainstay of the economy, will necessitate the growth of alternative industries and energy sources. This, in turn, will require significant capital investments.”
Fitch Solutions added that international investors like ACWA from Saudi Arabia and Masdar from the UAE have been leading investments in clean energy. Although these sectors currently account for only 1.3% of the country’s power generation, these companies are developing wind and solar energy in Azerbaijan.
