Azerbaijani Investment Company Cancels Memorandum with Nordwind on Construction of Wind Power Plants

Azerbaijan, Baku, 9 June / corr. Trend I.Khalilova / The Azerbaijani Investment Company (AIC) open joint stock company (OJSC) canceled the memorandum, which was signed with German Nordwind Energieanlagen GmbH on realization of the project on the construction of wind power plants in Azerbaijan, Riad Gasimov, the deputy of executive director of AIC said.

Though trilateral memorandum among AIC, OSC Temirmasin and Norwind was signed in September of the last year, the German company has not presented its proposals yet.

AIC is ready to invest in renewable sources of the energy, but it needs to develop business-plan and there is a need also for necessary partner, who will manage the project.

In the line with the Nordwind project, it is planned to construct 6 wind power plants with capacity of 13,200 Megawatt/h power in the Khizi region. In the initial period it is planned to construct 6 power plants on the average with capacity of 2,200 Megawatt/h. The project is expected to be enlarged and the number of windmills is expected to be increased in the future.

"We plan to realize the project on the generation of alternative energy with the Korean STX Energy, with which a memorandum on intentions was signed," Gasimov said.

STX Energy has already begun the consultations with the Ministry of Industry and Energetic. Gasimov said that the concrete talks with AIC on the development of the project would begin by the end of year, so currently STX is focused on designing of technical and economical basis on the construction of shipbuilding plant.

The project worth $41mln is expected to be carried out in line with the memorandum signed between AIC and STX Energy.

According to the early studies, some 100 alternative energy sources are expected to be constructed in Azerbaijan in five years. Today the share of the alterative energy sources does not exceed 1% in Azerbaijan which accounts for the small hydro power stations.

The construction of one small hydro power station is valued at from $600,000 up to $1mln for 1MVt.

In 1998-1999, the Japanese Tomen conducted study in Azerbaijan and a report was developed as a result of three-month sstudy. The construction of water power plant with capacity of 60MVt in Gobustan was valued at $100mln. Gobustan is the right place for the construction of the water power station as there is a wind at a speed of 8m/h with a height of 10km. The project did not gain government support and was canceled due to the prime high prime cost.

The official exchange rate for 9 June is 0,8169 AZN/USD.

The correspondent can be contacted at: [email protected]

Georgian delegation to Participate in Spring Session of PACE
Georgian delegation to Participate in Spring Session of PACE
Slovak investors note potential in Georgia's energy sector
Slovak investors note potential in Georgia's energy sector
Earthquake hits Georgia
Earthquake hits Georgia
Loading Bars
Latest
Israeli business interested in expanding cooperation with Kazakhstan
Number of licenses issued for launch of enterprises in Iran spikes
Delegation of Azerbaijani parliament takes part in events within session of CIS Interparliamentary Assembly (PHOTO)
Azerbaijani gymnasts take part in World Cup in Uzbekistan's Tashkent
Ford Otosan to suspend production due to supply issues
Georgian delegation to Participate in Spring Session of PACE
Iran reveals COVID-19 data for April 18
Azerbaijani hydroelectric power plants increase electricity production
China, U.S. agree on need for stronger climate commitments
Russia records over 8,600 daily COVID-19 cases
Azerbaijan shares footage from Saybali village of Aghdam district (VİDEO)
Serbia - gateway to European market for Iran - Deputy Minister
France to impose 10-day quarantine for travellers coming from Brazil
Azerbaijani Finance Ministry to engage archiving services via tender
Kyrgyzstan adds 244 new COVID-19 cases
Israel raises import of clothes from Turkey
Iran's Energy Exchange announces products to be on sale on April 18
Capital of Bank Keshavarzi Iran to increase
Iran's trade turnover with Georgia decreases
Azerbaijan's MFA issues appeal on occasion of April 18 - International Day for Monuments and Historic Sites
Azerbaijan shares footage from Tarovlu village of the Gubadli region (VİDEO)
Slovak investors note potential in Georgia's energy sector
Czechs expel 18 Russian envoys, accuse Moscow over ammunition depot blast
Azerbaijan's State Treasury Agency to update information systems via tender
Earthquake hits Georgia
Iran, Serbia FMs meet in Tehran
Magnitude 5.8 earthquake hits Japan
Kazakhstan’s COVID-19 caseload up by 2,822
Iran's trade turnover with Pakistan shrinks
Brazil registers over 370,000 deaths from COVID-19
5.8-magnitude quake strikes off Japan's Miyagi Prefecture
Iraq reports 6,552 new COVID-19 cases, 970,987 in total
More than 805,000 COVID-19 infections detected worldwide over past 24 hours
5.1-magnitude quake hits 20 km S of Mandraki, Greece
Israel reports 142 new COVID-19 cases, 836,882 in total
Yemen's Houthi rebels say launch drone attack on Saudi air base
India's sports minister tests positive for COVID-19
Weekly review of highlights in Azerbaijan's transport sector
EU to hand over 30 vehicles to Georgia Border Police
Turkish scientist works on drug that can ‘kill COVID-19 in 2 days’
Uzbekistan may start production of its own vaccine against COVID-19 by the end of the year
Russia's Eastwind, Turkmenistan's Turkmensvyaz to sign contract
UK records another 2,206 coronavirus cases, 35 deaths
Iranian official offers upbeat assessment of progress in nuclear talks
Volume of goods transported by Azerbaijan’s vehicles in 2021 disclosed
Indonesia reports 5,041 new COVID-19 cases, 132 new deaths
Global COVID-19 deaths surpass 3 mln - Johns Hopkins University
Geostat reveals volume of Russian exports to Georgia
Solar panel station put into operation in Iran’s Razavi Khorasan Province
New auction to be held for Azerbaijani Finance Ministry's mid-term bonds
Georgia increases import of vehicles from Turkey
Kyrgyzstan imposes restrictive measures at airports
Bahar Azadi gold coin price rebounds in Iran
Foreigners to pass simplified visa procedures for 2021 F1 Azerbaijan Grand Prix
Serbian FM to visit Tehran today
Azerbaijan discloses number of COVID-19 vaccinated citizens
Azerbaijan confirms 2,148 more COVID-19 cases, 2,287 recoveries
Armenia falsified Caucasian Albania temples in Azerbaijan - rep of religious community
Iran to send trade attaché to Azerbaijan
Weekly review of major events in Azerbaijan's oil & gas sector
Azerbaijan shares footage from Jabrayil's Dash Veysalli village (VIDEO)
Armenia strived to create history for itself in Azerbaijan's lands - Head of Albanian-Udi community
Iran reveals COVID-19 data for April 17
Volume of loaded and unloaded cargo in Iran’s Charak port climbs
Azerbaijani oil prices on rise
VICE News report on Armenia's attack on Azerbaijani Barda nominated for award
Weekly review of main events in ICT sector of Azerbaijan
Earnings from fuel savings in Iran paid to investors
Uzbekistan's CCI, Portuguese Industrial Association establish co-op
Buy/sell operations at Iran Mercantile Exchange soar
Rosatom, Uzbekistan working on contract for building nuclear power plant
Turkmenistan to create electronic exchange database
IMF calls on Georgia to reduce capital expenditures in case of lockdown
Russia reports a new high of 9,321 coronavirus cases since March 20
Azerbaijan's Albanian-Udi Christian community members visit ancient temple in Tugh - Trend TV (PHOTO)
OSCE MG should force Armenia to follow terms of trilateral statement - Azerbaijan's Parliament
Weekly review of Azerbaijani currency market
Azerbaijan, Turkic Council discuss creation of joint digital tools
Weekly review of Azerbaijani precious metals market
EU rep should follow int'l law before meeting with separatist in Karabakh - expert
Potential areas of Turkmenistan’s interaction within Visegrad Group+Central Asia framework identified
Georgia reports 1,219 new coronavirus cases for April 17
Georgia holds auction for privatization of state property
Azerbaijani MP talks about spring session of IPA CIS held in Russia's St. Petersburg
Georgia continues to conduct research on Namakhvani HPP
Iran unveils details exports from Maragheh County
Kazakhstan reveals total number of TEU containers shipped along Aktau-Baku feeder line
There have always been good grape varieties in Pirshaghi – white and black Shani - President Aliyev
Participants of Azercell Student Bursary and Internship Programs share their success stories
Iran boosts aluminum ingots production
Azerbaijani police find mortar shells, detonators left by Armenia in Gubadly (VIDEO)
Iran declares amount of loans issued to SMEs
Kazakhstan's revenues from road cargo transportation down
Concept of ensuring security of Afghan section of TAPI signed
Members of Albanian-Udi Christian religious community of Azerbaijan visit liberated Khojavand (PHOTO)
Australia to continue review of COVID vaccinations - health minister
Italian media outlets highlight speech of Azerbaijani president at int'l conference in Baku
Kazakhstan decreases import of Ukraine-made goods y-o-y
Kazakh national atomic company's subsidiary opens tender to buy compressors
Azerbaijan sets up structure to work on urban planning in liberated lands
All news