BAKU, Azerbaijan, June 7. Total investment that Azerbaijan will need in the low growth and high growth scenario for offshore wind energy development stands at $40-$100 million and over US$500 million, respectively, Trend reports with reference to the Offshore Wind Roadmap for Azerbaijan.
The document was released by the Ministry of Energy of the Republic of Azerbaijan, the World Bank and the International Finance Corporation (IFC).
Analysis of the low growth scenario envisions a moderate expansion of offshore wind resulting in 1.5GW of fixed foundation offshore wind by 2040, making up 7 percent of the country’s electricity supply under a decarbonization scenario. The high growth scenario outlines a more ambitious expansion with 7.2GW of offshore wind by 2040, making up 37 percent of its electricity supply.
The table below shows local supply chain investments to facilitate Azerbaijan offshore wind:
|
Investment |
Low growth scenario |
High growth scenario |
|
Turbine towers |
Upgrade to existing steel fabrication facility for project in 2030 Investment decision by 2028 Cost: US$50-100 million |
Same as low growth scenario |
|
Foundations |
Upgrade to fabrication yard(s) for project in 2028 Investment decision by 2026 Cost: US$5-30 million |
Investment in monopile factory for project in 2028 Investment decision by 2026 Cost: US$50-100 million |
|
Installation vessel |
None |
New turbine installation vessel for project in 2031 Investment decision by 2027 Cost: US$150-250 million |