BAKU, Azerbaijan, June 1. Next plan on our agenda which already is in the process of implementation is renewables, President of Azerbaijan Ilham Aliyev said addressing 27th International Caspian Oil & Gas Exhibition on the sidelines of the Baku Energy Week, Trend reports.
"Azerbaijan, I think, demonstrates excellent performance. First, because we already proved ourselves as a reliable country, as a country which respects its obligations. I’d like to say that since 1994 when the first contract-PSA contract- was signed with foreign companies until today, not a single word was changed in the contracts. And that is also demonstration of our positons, we respect our obligations and also want our partners to respect their obligations. Therefore, credibility was an important factor. Second, of course, stability, political and economic stability in Azerbaijan. And of course, excellent performance, building the infrastructure for oil, for gas, for electric lines. By the way, Azerbaijan is exporting not only oil and gas, but also electricity, huge potential, experience. All these factors play an important role in attracting major energy companies to invest in renewables. And this year already we had two groundbreaking ceremonies with leading energy companies, ACWA Power and Masdar and now the construction of two - one wind and one solar- power plants of total capacity of 470 megawatts is already underway. And next year, these two power plants will be commissioned. And this is only the beginning. Because we are already in an active phase of negotiations with many leading energy companies on renewables. We have huge potential in the Caspian Sea, which has been already evaluated and according to information, which I was given the capacity and potential of Azerbaijani sector of the Caspian Sea is 150,000 megawatts. This is a huge volume. At the same time, a great potential is now on the territories which have been liberated as a result of the second Karabakh war, particularly in Kalbajar and Lachin and other areas. And we estimate this potential around 9,000 to 10,000 megawatts, only wind and sun. But if we add hydro, which is also a great potential that can be another, probably 1,000 megawatts or more. And all that now is seriously addressed by our government. And the more we have international investments on renewables, the more natural gas we will save for export. This is natural. So combination of all these factors and of course, including the energy efficiency, and reduction of losses in our transportation system, all that will add to increase of gas exports from Azerbaijan. This is our target. I am sure, we will achieve these goals, because so far, everything what we planned not only in oil and gas business, everything what our government planned we achieved, and achieved with maximum degree of efficiency," the head of state said.