Azerbaijan has a great potential in the field of renewable energy, exceeding 27,700 megawatts, which in the future will make it possible to generate 62.8 billion kilowatt-hours of electricity per year, Deputy Director of the International Institute for Energy Policy and Diplomacy of the Moscow State Institute of International Relations, expert of the Sustainable Development Center under the Institute, Igbal Guliyev told Trend.
“The main share of the renewable energy potential in Azerbaijan accounts for solar energy - 23,040 megawatts, the potential of wind energy is estimated at 3,000 megawatts, biomass - about 380 megawatts, geothermal energy - more than 800 megawatts, small hydroelectric power plants - 520 megawatts,” Guliyev added.
"The stable economy, favorable investment climate and significant success in the development of the business climate have attracted the world's biggest investors to Azerbaijan, who are ready to participate in the implementation of promising megaprojects in the field of renewable energy sources,” the expert said.
“Twelve major energy companies, namely, BP (UK), Masdar (UAE), ACWA Power (Saudi Arabia), Total Eren (France), Equinor (Norway), Quadran International (France), Tekfen Construction (Turkey), Al-Maktub (UAE), Mitsui & Co (Japan), Lucia Holding (France), Ansaldo Energia (Italy) and Avelar Solar Technology (Russia) signed memorandums of understanding and cooperation documents with Azerbaijan,” the expert said.
“At the same time, the Azerbaijani Ministry of Energy actively interacts with the companies both within the activity of working groups, holds meetings, exchanges information and improves the national regulatory framework in the field of renewable energy sources," Guliyev said.
“A decrease in CO2 (carbon dioxide) emissions within the expansion of the use of renewable energy sources for electricity generation will greatly improve the environmental image of Azerbaijan,” Guliyev said.
The expert stressed that big structural changes occur in the fuel and energy complex associated with the development of non-oil, "green" energy.
"The period of decline in income from the export of hydrocarbons created additional preconditions for prioritizing the aspects of renewable energy, which in the future will contribute to the formation of additional volumes of hydrocarbon export," Guliyev said.
“The reduction of CO2 emissions will attract investors to new energy projects, which will greatly increase the investment potential of the domestic fuel and energy complex,” the expert said.