President Ilham Aliyev: Renewable energy is one of energy sector priorities for us today

“Renewable energy is one of the energy sector priorities for us today,” Azerbaijani President Ilham Aliyev said receivingthe Chairman of the Board of “ACWA Power” of the Kingdom of Saudi Arabia, Mohammad Abunayyan, and the Chief Executive Officer of “Masdar” of the United Arab Emirates, Mohamed Jameel Al Ramahi.

“Welcome to Azerbaijan! I am very glad to see you,” Ilham Aliyev said. “I would like to extend my congratulations to you on a very important Executive Agreement signed today with “ACWA Power” and “Masdar”, the leading companies in the energy sector, especially in the alternative energy sector. This agreement will open up a new page in the development of energy projects in Azerbaijan, because renewable energy is one of the energy sector priorities for us today.”

“Azerbaijan is already securing its own electricity reserves and exporting it,” the Azerbaijani president noted. “However, our goal is to attract investors to the renewable energy sector, and the significance of the Executive Agreement is that wind and solar power plants will be built at the investors’ expense. You are thus showing interest in working in Azerbaijan. We view this as a sign of confidence in our country and its future, because very large investments are involved.”

“I was informed that after the signing of the Executive Agreement today there will still be some time to prepare other agreements, and we look forward to taking part in the groundbreaking ceremony for solar and wind power plants this year,” Ilham Aliyev added. “These are very important projects for us.”

“As I have already mentioned, Azerbaijan has made large investments in the electricity sector and power lines connect us with our neighbors,” said the Azerbaijani president. “We have invested heavily in electricity generation. We now have 1,000 megawatts of additional electricity capacity and we export it. We have export markets. I also want to inform you that our investments in this sector are acknowledged by leading international institutions, in particular the Davos World Economic Forum. In terms of accessibility of electricity, it has awarded Azerbaijan second place in the world.”

“Our entire country is provided with power lines and, as I have already noted, Azerbaijan has become an exporter,” Ilham Aliyev added. “Also recently, just over a month ago, together with our partners, we completed the important TANAP gas pipeline project, which has already reached the borders of the European Union. The more energy we get from the sun and wind, the more natural gas we will save for our own needs and exports.”

“Therefore, I attach great importance to today’s ceremony,” said the Azerbaijani president. “It testifies to the fact that we are on the right track. It also shows that Azerbaijan has created excellent conditions for investors. Your investments will amount to hundreds of millions of dollars. The total volume of electricity will be 440 megawatts. It will be a truly major transformation in Azerbaijan in terms of renewable energy. I am also glad that your companies have been selected as partners in these projects.”

“I believe that this was not a surprise,” Ilham Aliyev noted. “I was informed that “ACWA Power” has a total of more than 30,000 megawatts of electricity. It also produces 8,000 megawatts of electricity in the field of renewable energy. “Masdar” produces 4,000 megawatts of renewable energy. So you are quite experienced and leading companies in this field. Therefore, I am very glad to see you. I am sure that our cooperation will be long-term, all projects and technical issues will be resolved in a timely manner.”

“We will start these two large projects, and they will allow us the opportunity to attract other investments, other investors to Azerbaijan because our country has a lot of wind and sun,” the Azerbaijani president said. “Sometimes the wind creates some inconvenience, but at the same time cleans the air. And now wind and sun will serve our energy production, thanks to which a large amount of natural gas will be saved for domestic use and exports. Welcome, and thank you again for the decision to invest in Azerbaijan.”