The project is estimated to cost about 450 million manat ($430 million), according to Akim Badalov, head of the agency.

The wind farm to be built on sea platforms will generate 200 megawatts of electricity a year. The agency is about to complete a feasibility study on the project, which will be submitted to the cabinet of ministers in the coming days, Badalov said.

The wind farm will take up to three years to build, the official said, adding that Chinese, German and Arab investors are already showing interest in the project.