Azerbaijan has enormous renewables potential - President

“Azerbaijan has enormous renewables potential, which has been already assessed. It's 157 gigawatts of green energy alone in the Caspian Sea, not to mention onshore potential. Two contracts have been already signed with international investors, which will allow us to get almost 500 megawatts within probably next year, or year and a half,” said President of Azerbaijan Ilham Aliyev as he addressed the opening ceremony of the 28th International Caspian Oil & Gas Exhibition (Caspian Oil & Gas) and the 11th Caspian International Power and Green Energy Exhibition (Caspian Power) within the framework of the Baku Energy Week at the Baku Expo Center, reports.

“In total, contracts and MoUs equal to 25 gigawatts with respect to investments in green energy in Azerbaijan. Of course, signing MOU does not necessarily mean that it will transform into agreement. Though, the companies we signed MoU with are the leading companies on a global scale in renewable energy. Therefore, there is a high probability that MoU will transform into agreement. Even if half of what has been signed as MoU is implemented, that will be more than enough. That will be maybe two times more than Azerbaijan consume today domestically,” the head of state emphasized. 

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