Azerbaijan has huge renewable energy potential. His first estimate is that 157 gigawatts are only in the Xerxes Sea. And on the dry land, our potential is enormous. The two deals signed with international investors will allow them to generate nearly 500 megawatts of "green energy" over the next year or a half.
The EPA reports that Azerbaijani President Ilham Əliyev announced this during the opening ceremony of the 28th International Xerxes Petroleum and Gas - "Caspian Oil&Gas" and the 11th Xerxes International Energy and Green Energy - "Caspian Power" exhibitions during Baku Energy Week.
The head of our government said: "Given the agreements and memorandums in general, we have already signed 25 gigawatts of agreements. Of course, signing a memorandum of understanding does not mean that it will be realised immediately and there will be a deal. But we have signed memorandums of understanding with companies that are global leaders in renewable energy. Therefore, the odds of these becoming real contracts are very high."
The president noted that if half of the signed memorandums were implemented, it would be twice as likely as Azerbaijan's own internal consumption.