The feasibility study should be completed by the end of the year, said Yousef Fakhroo, QPI's global communications manager.
The company, with a broad portfolio of energy investments, is seeking to develop its activities abroad, especially in Africa.
If it goes ahead, the plant would be Djibouti's first industrial-scale wind power facility. The country is keen to diversify its energy mix away from expensive diesel-powered plant.
The Djibouti Electricity Company also has a long-standing agreement with the American-affiliated Maple Indian Ocean Resources to build a 40MW wind and solar plant near Lake Goubet, also west of the capital.
Another, smaller project is under evaluation near the southern town of Ali Sabieh.