The I‑TRACK Foundation is pleased to announce that the Republic of Azerbaijan has been approved for the issuance of I‑REC(E) following the successful completion of the country assessment report.
This approval confirms that Azerbaijan meets the requirements of the International Attribute Tracking Standard (Standard) and the I‑REC Code for Electricity (I‑REC Code), with no regulatory, legal, or policy barriers preventing the implementation of an Energy Attribute Certificate (EAC) system or the issuance of I‑REC(E) certificates within the country.
I-REC(E) Issuer in Azerbaijan
InvestBaku is the Accredited I-REC(E) Issuer in Azerbaijan. InvestBaku LLC is an investment advisory firm based in Baku, Azerbaijan. Established in 2018, the company works with international investors, financial institutions, and corporate partners to support investment opportunities and strategic initiatives across key sectors, including renewable energy, sustainable infrastructure, and industrial development. InvestBaku focuses on facilitating cross-border partnerships, supporting institutional and market development, and promoting projects aligned with sustainability and energy transition objectives.
The firm actively collaborates with international organizations, development partners, and investors, and has contributed to the organization of high-level investment forums and business missions connecting Azerbaijan with international markets. Through its activities, InvestBaku aims to strengthen Azerbaijan’s investment ecosystem and support the advancement of sustainable economic development and green energy initiatives in the region.
Azerbaijan
Azerbaijan’s electricity sector is predominantly state-owned, with Azerenerji OJSC operating generation and transmission, and Azerishiq OJSC managing distribution and retail supply. The country’s electricity generation mix includes thermal (fossil-fuel) plants, hydro, wind, solar, and biomass capacity, reflecting a growing emphasis on renewable energy. Independent power producers (IPPs) participate mainly through long-term power purchase agreements (PPAs), particularly in renewable projects.
Recent legislation lays the groundwork for renewable energy and electricity market reform. Key laws include the Law on Use of Renewable Energy Sources in Electricity (2021), the Law on Efficient Use of Energy Resources and Energy Efficiency (2021), and the Law on Electric Power (2023), which introduces phased market liberalisation and unbundling. These reforms aim to establish competitive market structures, such as day-ahead and balancing markets, and create opportunities for transparent trading of renewable energy.
Currently, Azerbaijan lacks a domestic renewable energy certificate system aligned with international standards. The introduction of I‑REC(E) enables credible tracking and certification of renewable energy generation, supporting local producers and corporate buyers seeking internationally recognized renewable energy claims. It also facilitates participation in global markets, contributing to the country’s broader renewable energy development and climate objectives.
The I‑TRACK Foundation looks forward to supporting market participants and stakeholders as the I‑REC(E) market develops in Azerbaijan and contributes to the country’s evolving renewable energy landscape.