President of the Republic of Azerbaijan Ilham Aliyev has met with Executive Chairman of “Fortescue Future Industries” Andrew Forrest in Davos.

They noted that the memorandum signed last month between the Ministry of Energy of Azerbaijan and “Fortescue Future Industries” provided for the implementation of a project on the production of 12,000 megawatts of wind and solar energy in Azerbaijan. They also stressed the importance of the signing of the “Agreement on a strategic partnership in the field of green energy development and transmission between the Governments of the Republic of Azerbaijan, Georgia, Romania and Hungary” in Bucharest. The sides noted the significance of delivering through this project the green energy produced in Azerbaijan to the European market in the future.

During the conversation, they emphasized the importance of cooperation in the implementation of a project on the production of hydrogen, including green hydrogen in Azerbaijan.

It was noted that the memorandums of understanding and agreements signed by Azerbaijan with international energy companies will enable the country to produce up to 22,000 megawatts of wind and solar energy. It was underlined that the production of 12,000 megawatts of that energy is planned to be carried out by SOCAR and “Fortescue Future Industries”.

A favorable investment climate in Azerbaijan was highlighted during the conversation.

They said that Azerbaijan has rich renewable energy potential, and exchanged views on the prospects for cooperation.