Published on October 30th, 2015 | by Smiti2
Azerbaijan Plans 200 MW Offshore Wind Energy Project In Caspian Sea
October 30th, 2015 by Smiti
Azerbaijan has reported progress on a landmark offshore wind energy project it announced earlier this year.
Plans for a 200 MW offshore wind energy project in the Caspian Sea have been submitted for approval to the Azerbaijan government. The project is expected to entail an investment of $428.5 million.
Several departments of the government have already favoured the development of the project. The State Agency for Alternative and Renewable Energy Sources of Azerbaijan has stated that developers and investors from other countries have expressed interest in the project.
The project is expected to the commissioned by 2021 and is expected to be funded partly by loans from foreign banks.
Azerbaijan has been in talks with Germany for extending cooperation in renewable energy development. The agency has been working on a 50 MW wind energy project. Some equipment for the project will be imported from Germany.
Azerbaijan plans to increase the share of renewable energy in electricity to 20%, a third of this would come from wind energy. The country eyes 2 GW of operational renewable energy capacity by the end of this decade.
Azerbaijan, in its submission to the United Nations Framework Convention on Climate Change (UNFCCC), stated its target to reduce greenhouse gas emissions by 35% by 2030 compared to the levels in 1990. The country aims to achieve this target through actions across various sectors including oil & gas, transportation, agriculture, and land use. While the submission does state that the government shall promote implementation of all forms of renewable energy like small hydro, solar power, wind energy, geothermal energy, and heat pump, it does not elaborate of the specific policy measures that might be implemented.
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