"If our credit rating were not high and if Azerbaijan were not among top 20 most reforming countries in terms of the business environment, foreign investors would not invest here," President of the Republic of Azerbaijan Ilham Aliyev said in his speech at the conference dedicated to the results of first-year implementation of "The State Program on socio-economic development of the regions of the Republic of Azerbaijan in 2019-2023" held on February 2020, ONA reports.
"When meeting with the executives of these major companies, I was also convinced that the key reason behind this decision was, first of all, the stability and calm prevailing in our country and investors’ faith in the long-term development of Azerbaijan. These are very large projects. Two power plants will be built – wind and solar. Their total generating capacity is at 440 megawatts – very large stations. About $400 million of foreign investments are envisaged. Therefore, I am sure that other investors will also show interest after this. I can say that we received proposals from nine leading companies in the world for the implementation of this project. Work is already under way on an individual basis and with companies that, if I may say so, have remained on the sidelines. New proposals are being prepared for them. I am sure that the share of renewable energy in our total generating capacity will and should gradually increase," the head of state noted.