In order to study the potential of wind energy in the Caspian Sea and coastal areas and to determine the future role of this energy in the country's energy potential, the Ministry of Energy is cooperating with the International Finance Corporation (IFC).
For this purpose, a Memorandum of Understanding on cooperation in the use of offshore wind energy was signed between the Ministry of Energy of the Republic of Azerbaijan and the World Bank Group. The work under the Memorandum of Understanding is being carried out within the framework of IFC's Offshore Wind Energy Development Program.
The process of preparing a “Roadmap for the use of offshore wind energy in Azerbaijan” includes the preparation of geographical maps, zoning, economic, financial, environmental and social analysis, impact assessment, issuance of permits and approvals, improvement of the regulatory framework, re-transmission network construction and supply chain studies.
According to the preliminary analysis, the total technical potential of wind energy in the Azerbaijani part of the Caspian Sea is estimated at 157 GW (35 GW in shallow water basins and 122 GW in deep water basins). The project also envisages the organization of tenders for relevant offshore projects, the establishment of partnerships with the private sector. Efficient use of this potential at sea will create new jobs, as well as opportunities that will add value to the country's economy.