The announcement was made by Azerbaijani President Ilham Aliyev at the opening of the 29th Conference of the Parties (COP29) summit in Baku, Azerbaijan.

Aliyev added that the country has a potential onshore renewable energy capacity of up to 135GW. 10GW of contracts and memorandums of understanding (MoUs) for renewable energy projects have been signed to date.

These include an agreement between Azerbaijan's energy ministry and UAE state-owned renewable energy developer Masdar to develop up to 10GW of the country's renewable energy capacity over the next few years. The project will be carried out in two phases, the first of which will see the construction of 4GW of solar photovoltaic and wind power projects, while the second phase will add up to 6GW of generating capacity.

Part of Masdar's solar PV portfolio in Azerbaijan is being developed in partnership with the state oil company SOCAR. Last June, the company began construction of two solar PV projects with a total installed capacity of 760 MW, and last year Masdar began commercial operation of what Aliyev said was the largest utility-scale PV plant in the region.

In his speech, Aliyev mentioned that in addition to securing renewable energy projects in the coming years, the country also plans to export electricity generated by renewable energy sources to Europe through the construction of the Black Sea-Caspian Energy Cable. Feasibility studies are currently underway for the project, which will allow the export of 4GW of renewable energy to Europe.

During the COP29 summit, British oil giant bp signed an investment agreement with Azerbaijan's Ministry of Energy for the construction of a 240 MW solar photovoltaic power plant. The investment in the Shafag solar power plant is estimated at around $200 million.

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