SOCAR to expand co-op in energy efficiency

The State Oil Company of Azerbaijan (SOCAR) intends to share its own experience in the field of increasing energy efficiency with the countries of the region, SOCAR Green CEO Elmir Musayev said at a panel discussion within the 2nd International Water Management Exhibition and Conference - Baku Water Week, Report informs.

He noted that SOCAR Green is a relatively new company with a portfolio of renewable energy projects with a total capacity of 1.7 GW: "We cooperate with companies from the Middle East, China and Europe, including ACWA Power. Our activities cover solar and wind energy projects, offshore wind energy, carbon capture, water efficiency, as well as green hydrogen, geothermal energy and energy efficiency initiatives."

Recalling the agreement signed the day before with the State Water Resources Agency of Azerbaijan (ADSEA) on an energy efficiency project, Musayev emphasized that its implementation will reduce or completely eliminate excessive energy consumption, and will also contribute to water conservation, thus eliminating the misuse of excess water.

He added that SOCAR plans to implement a pilot hybrid project with ADSEA, which will include onshore wind power plants, floating or stationary solar panels on water, as well as the creation of an energy storage system battery type: "Yesterday, a memorandum of understanding was signed between the two organizations on this issue. Here, the agency will act as a buyer. This will directly contribute to the decarbonization of both the agency and the company. We are already conducting a technical review and are quite optimistic. After the completion of this pilot project, we will be able to expand it to other sites in Azerbaijan, and we can also apply this approach in Central Asia and neighboring countries."