Tuesday, May 17, 2022

HomeRenewablesAzerbaijan and World Bank discuss roadmap on offshore wind energy use
Powered by

Azerbaijan and World Bank discuss roadmap on offshore wind energy use

Azerbaijan’s Minister of Energy Parviz Shahbazov is evaluating together with the World Bank a first draft of the roadmap on offshore wind energy use.

During the meeting with the leader of the mission, Yasemin Oruj, various scenarios for the use of large wind energy potential in the Azerbaijani part of the Caspian Sea were considered and the sides exchanged views on the potential for construction in concrete zones where pilot and commercial projects could be implemented.

Azerbaijan

It was also emphasised that the roadmap being prepared will contribute to attracting private investment in the field and increasing energy exports in the future.

The technical potential of offshore wind energy in Azerbaijan is estimated at 157 gigawatts (GW), according to an analysis provided by the World Bank’s Energy Sector Management Assistance Program (ESMAP). This represents vast potential when compared to the country’s total installed capacity of around 8 GW. By unleashing this potential and transitioning from oil and gas to renewable energy, the country will reduce greenhouse gas emissions and vulnerability to volatile fuel prices.

At the beginning of January, the Ministry of Energy and energy developer ACWA Power held a groundbreaking ceremony for a 240 megawatts (MW) wind power plant with an investment value of 300 million US dollars, following the signing of power purchase, investment and transfer agreements.

The project represented the first and largest foreign investment made in Azerbaijan’s renewable energy sector to date and contributes to the country’s target to generate 30 per cent of its energy through renewables. By the end of 2023, the project will contribute an estimated 3.7 per cent of energy to Azerbaijan’s total national grid capacity, powering 300,000 households while offsetting 400,000 tonnes of emissions.

“We are pleased to see that private companies from outside Azerbaijan invest in our country,” said Minister Shahbazov. “These investments leverage global expertise by sharing international best practices, support human capital development and enable knowledge transfer into the country. The integration of local suppliers and subcontractors in the development of this remarkable project will elevate national competency in green projects and equip our workforce with the expertise needed to compete with international players.”

Sign up to our biweekly newsletter


    Most Popular