As part of the work in this direction, legislative acts will be prepared, organizational and technical issues such as the preparation of maps, the definition of territories will be solved, the projects to strengthen the grid, as well as advanced international experience in this area, will be studied, he said.

“One of our main activities is to hold talks with potential investors and familiarize them with the existing potential of Azerbaijan in this area,” he noted. “In this regard, memorandums of cooperation have already been signed with the UAE-based company Masdar, with Turkish company Tekfen and UK's Atkins. In order to implement concrete projects in this area, first of all, our legal framework must meet their interests and expectations.”

The interests of investors may be considered in the drafts being prepared and thus, in the coming years, Azerbaijan will implement significant projects in the field of renewable energy sources based on private investments, he said.

As for the territories acceptable for the development of renewable energy sources, the Absheron Peninsula is the most favorable territory for obtaining wind energy, he said.

“There are also great prospects for obtaining solar energy,” he noted. “There are areas where implementation of projects in this sphere is somewhat difficult, but these areas are being studied. On the other hand, the availability of grid infrastructure is also important here, since the electricity produced must be connected to the grid. Among other things, the capacities of the grids located in those territories must meet these requirements.”

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.

In January-October 2018, hydropower production amounted to 1,528.4 kilowatt hours, solar energy to 35.1 kilowatt hours and wind power to 42.5 kilowatt hours, according to the State Statistics Committee of Azerbaijan.

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