Total to assess investment potential of renewables in Azerbaijan (UPDATE)
Details added (first version posted on 18:22)
Baku, Azerbaijan, Feb. 5
By Sara Israfilbayova – Trend:
Azerbaijan’s Energy Ministry and France's Total Eren have signed a memorandum of understanding for the development of renewable energy sources, Trend reports with reference to the Energy Ministry Feb. 5.
The memorandum provides for cooperation in assessment of potential and creation of conditions for investment in renewable energy projects in Azerbaijan.
The document was signed by Azerbaijan’s Deputy Energy Minister Elnur Soltanov and Head of Business Development of Total Eren in the Caucasus Emmanuel Terroir.
Soltanov spoke about cooperation with Total, about the implemented projects, and added that this experience will further enrich cooperation on renewables.
He provided detailed information on the potential of renewable energy in Azerbaijan and added that this document will contribute to increasing the share of renewables in energy production and will also open a new page in cooperation with Total.
Denis Lemarchal, Total executive director and representative for Azerbaijan, highly appreciated the long-term energy cooperation with Azerbaijan.
The memorandum of understanding will allow the company to realize its interests in the development of green energy in Azerbaijan, he said.
Azerbaijan is taking serious steps to develop alternative energy. To this end, negotiations are underway with foreign companies and investors, including companies from China, the UAE, the US and the EU.
Most of Azerbaijan's potential in this sector comes from the solar energy and this potential is estimated at 5,000 megawatts.
Wind power accounts for 4,500 megawatts, biomass for 1,500 megawatts, geothermal energy for 800 megawatts and small hydropower plants for the remaining 350 megawatts.
The potential of renewable energy sources in Azerbaijan exceeds 25,300 megawatts, which will allow generating 62.8 billion kilowatt hours of electricity annually.
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