Azerbaijan is embarking on ambitious projects harnessing its abundant renewable energy potential. So it is no secret that Azerbaijan is one of the countries with high potential for renewable energy sources. Thus, the technical potential of the country's onshore renewable energy sources is 135 GW while offshore is 157 GW. The economic potential of renewable energy sources is estimated at 27 GW, including 3 000 MW of wind energy, 23 000 MW of solar energy, 380 MW of bioenergy potential, and 520 MW of mountain rivers.

The laying of foundations for 1,000 MW of renewable energy plants represents a pioneering initiative in Azerbaijan's "green energy" sector.

Javid Babayev, Senior Advisor of the Strategic Analysis and Forecasting Department at the State Agency on Renewable Energy Sources (AREA) under the Ministry of Energy, said this in his statement.

He highlighted that on June 4, in collaboration with the United Arab Emirates' "Masdar" company, foundations were laid for the 445 MW Bilasuvar, 315 MW Neftchala solar power plants, and the 240 MW Absheron-Garadagh Wind Power Plant. These projects, showcased during Baku Energy Week, are anticipated to generate an annual production of 2.305 billion kWh of electricity, saving 496 million cubic meters of natural gas. Additionally, they aim to prevent approximately 1 million tons of carbon emissions and create new job opportunities, contributing both environmentally and socially.

AREA further stated that Azerbaijan's "green energy" agenda includes projects like the 240 MW Khizi-Absheron Wind Power Plant, the 240 MW Shafaq Solar Power Plant in Jabrayil district, and the 100 MW Gobustan Solar Power Plant, to be constructed as a result of the first renewable energy auction. These projects are being implemented through public-private partnerships.

Babayev emphasized that by the end of 2027, the share of renewable energy sources in the total installed electricity capacity is projected to increase to 33%, facilitated by the addition of "green" capacities of up to 2 GW.

During Baku Energy Week, Shareholders' Agreements were signed on three renewable energy projects between the State Oil Company of Azerbaijan (SOCAR) and the "Masdar" company. These agreements encompass the construction of one wind and two solar power plants in Azerbaijan. The signing ceremony highlighted the successful cooperation between SOCAR and "Masdar" aimed at diversifying energy sources, expanding the utilization of our country's alternative energy potential, and facilitating energy transition. It was emphasized that this agreement plays a pivotal role in achieving the goal of increasing the share of renewable energy to 30% in Azerbaijan's installed electricity capacity by 2030.

The establishment of three stations with a total capacity of 1 GW underscores Azerbaijan's commitment to energy transition towards a "green world," particularly as the host of COP29.