The Ministry of Energy of Azerbaijan has signed two agreements with Chinese companies for the development of an offshore wind project in the country.
A Memorandum of Understanding (MoU) was signed between the Ministry of Energy, 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.
According to the agreement, cooperation will be carried out to explore the potential of wind energy in the Caspian Sea. This includes joint efforts to assess, develop, design, finance, build, and operate an offshore wind farm with at least 2 GW capacity, to be developed in phases.
In addition to this, Azerbaijan’s president Ilham Aliyev signed four other documents relating to the development of renewable energy projects during his visit to China.
In 2022, Azerbaijan released its Offshore Wind Roadmap , in cooperation with the World Bank and the International Finance Corporation (IFC), 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.
According to the World Bank and ESMAP, of the 157 GW of offshore wind potential in Azerbaijan, 35 GW is suitable for fixed-bottom projects and 122 GW for floating wind.
As reported earlier, SOCAR teamed up with Abu Dhabi-based Masdar and Saudi Arabia’s ACWA Power to explore the development of 3.5 GW of offshore wind projects in Azerbaijan. The companies signed an MoU at COP29 in Baku, Azerbaijan, in November 2024.
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