Baku: SOCAR, the State Oil Company of Azerbaijan, has initiated research in the field of geothermal energy, marking the beginning of a new chapter in the country’s renewable energy sector. Afgan Isayev, Vice President of SOCAR, highlighted Azerbaijan’s strategic role as a conduit for transferring “green electrons” from Central Asia to Trkiye and the European Union during a panel discussion at the Azerbaijan International Investment Forum.
According to Azeri-Press News Agency, Isayev emphasized that while the exploration of renewable energy is still in its early stages, there are significant opportunities on the horizon. He mentioned that the company is exploring the development of offshore wind energy, with onshore wind and solar energy already in the development phase. The untapped potential in the Caspian Sea’s territorial waters is estimated to be around 157 gigawatts, presenting a substantial opportunity for offshore wind energy.
In addition to wind energy, SOCAR is venturing into geothermal energy research with the aim of future electricity generation and district heating. The company is collaborating with partners to explore this energy source, which has not yet been utilized in Azerbaijan. Isayev also pointed out the potential for pumped storage hydro technology, particularly in liberated territories, where new infrastructure and technological advancements such as potential microgrids and battery-based energy storage solutions are emerging.