The potential of wind energy in the Azerbaijani sector of the Caspian Sea is 20 times higher than the installed capacity of power plants in the country, Deputy Energy Minister of Azerbaijan Elnur Soltanov said this in an interview with Trend.
"By using a small part of this potential Azerbaijan can fully meet its electricity demand with renewable energy sources," the deputy minister said.
He pointed out that onshore renewable energy potential of Azerbaijan is 27,000 megawatts.
As for the production of offshore wind energy, Soltanov recalled that recently, the country signed a Memorandum of Understanding on cooperation in the field of offshore wind energy with ACWA Power of the Kingdom of Saudi Arabia. The Memorandum envisages the identification of the main principles of cooperation in the field of offshore wind energy, assessing the potential and providing the conditions for profitable investment in renewable energy projects in Azerbaijan.
However, the deputy minister noted that the production of offshore wind energy is more expensive.
"Our potential is huge. The implementation of these projects depends on economic profitability. The goal is to implement these projects at the lowest possible price, in accordance with the tariffs in force in Azerbaijan," Soltanov added.