BAKU, Azerbaijan, May 31. Azerbaijan has enormous renewables potential, President of the Republic of Azerbaijan Ilham Aliyev said at the official opening ceremony of the 28th International Exhibition "Oil and Gas of the Caspian Sea" and the 11th Caspian International Exhibition "Energy and Green Energy" at the Baku Expo Center, Trend reports.
"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.
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," President Ilham Aliyev said.