Azerbaijan’s Ministry of Energy and Clean Energy Capital, a subsidiary of Azerbaijan Green Energy Company, have entered into an agreement on the assessment, development, and implementation of an offshore wind energy project.
Signed on 28 November, the Implementation Agreement involves an offshore wind energy project with an initial capacity of 200 MW and a total capacity of 600 MW, according to information shared by Azerbaijan Green Energy Company on social media .
Under the Implementation Agreement, the company’s Clean Energy Capital will conduct research for the offshore wind project within a designated area in the Caspian Sea.
In June this year, Azerbaijan’s Ministry of Energy entered into an agreement with China Energy Engineering Corporation (CEEC), under which CEEC will explore developing a 200 MW wind project offshore Azerbaijan.
The Ministry also signed two agreements with Chinese companies in April, which involve the development of offshore wind projects in the country.
A Memorandum of Understanding (MoU) was signed between the Ministry of Energy, the State Oil Company of the Republic of Azerbaijan (SOCAR) Green, China Datang Overseas Investment, and PowerChina for the development of a 2 GW offshore wind project in the Azerbaijan sector of the Caspian Sea. A separate executive agreement was signed with China Energy Overseas Investment for the phased development of an offshore wind project in Azerbaijan.
At the end of 2024, Abu Dhabi-based Masdar, Saudi Arabia’s ACWA Power, and SOCAR teamed up to explore the development of 3.5 GW of offshore wind projects in Azerbaijan.
In the summer of 2024, the Azerbaijan Renewable Energy Agency (AREA), part of the country’s Ministry of Energy, announced the start of wind measurement campaigns to assess offshore wind resources at two locations.
According to the World Bank and ESMAP, Azerbaijan’s technical offshore wind potential is 157 GW, of which 35 GW is suitable for fixed-bottom projects and 122 GW for floating wind.
In 2022, in cooperation with the World Bank and the International Finance Corporation (IFC), Azerbaijan released its Offshore Wind Roadmap , which states the country has the potential to install 7 GW of offshore wind power by 2040 with the right long-term vision, infrastructure development, investment and policies.