Aliyev added that the country’s potential onshore renewable energy capacity is as high as 135GW. Contracts and memoranda of understanding for 10GW of renewable energy projects have already been signed so far.

These include an agreement signed by the Azerbaijan Ministry of Energy and the UAE’s state-owned renewable energy developer Masdar to develop up to 10GW of renewable power capacity in the country in the coming years. This will be carried out in two phases, with 4GW of solar PV and wind projects in a first phase, and a second phase that could add up to 6GW of capacity.

Some of Masdar’s solar PV portfolio in Azerbaijan has been developed in partnership with state oil company SOCAR. Last June, the company began construction at two solar PV projects, with a combined capacity of 760MW, while last year Masdar began commercial operation of what Aliyev called the largest utility-scale PV plant in the region.

In addition to securing renewable energy projects in the coming years, Aliyev mentioned in his speech that the country aims to export its electricity generated by renewable sources to Europe with the construction of the Black Sea Caspian energy cable. Feasibility studies are currently underway, and the project would allow for the export of 4GW of renewable energy capacity to Europe.

Elsewhere during the COP29 summit, British oil giant bp signed an investment agreement with Azerbaijan’s Ministry of Energy for the construction of a 240MW solar PV plant. Investment in the Shafag Solar Power Plant is estimated to be around US$200 million.