Bulgaria, Azerbaijan, Turkey and Georgia signed a Memorandum of Understanding on cooperation in the transmission and trade of green energy in Baku. The document outlines the framework for enhanced partnership in the energy transition, development of renewable energy sources (RES) and construction of sustainable energy infrastructure, the press center of the Ministry of Energy reported.
By signing the Memorandum, the parties confirm their commitment to work together to promote joint green electricity projects, develop the necessary infrastructure for efficient transmission and trade, enhance the exchange of knowledge, technology and good practices, as well as improve interconnection by facilitating cooperation between the public and private sectors.
Among the key aspects of the agreement is the expansion of stable interregional cooperation through the development of green energy zones and corridors, which will contribute to the security of energy supply and sustainable economic development of the region.
By signing the Memorandum on the new energy corridor, the ministers of the four countries agreed to immediately form a working group at the level of deputy ministers. The technical details for commissioning the feasibility studies should be specified by June. The first investments will focus on the most efficient use of existing capacity.
The Minister of Energy, Zhecho Stankov, stated: “The signing of this document is an important step towards strengthening regional cooperation in the field of green energy. By developing strategic energy corridors and implementing innovations in renewable energy, we will not only increase our energy security, but also create new opportunities for sustainable economic growth.”
The document was signed by the Ministers of Energy of Bulgaria and Azerbaijan Zhecho Stankov and Parviz Shahbazov, the Minister of Energy and Natural Resources of Turkey Alparslan Bayraktar and the Deputy Minister of Economy and Sustainable Development of Georgia Vakhtang Tsintsadze.
„Guaranteeing national, regional and international energy security is a key element in the transition to sustainable development of the sector, along with the expansion of energy infrastructure, the development of storage technologies and the digitalization of the sector“. Minister Stankov said this earlier in the day to the participants in the 11th ministerial meeting of the Southern Gas Corridor Consultative Council, which was held in Baku. During his visit, he will hold talks with the Ministers of Energy of Azerbaijan and Turkey, Parviz Shahbazov and Alparslan Bayraktar, as well as with Eric Jacobs, Senior Advisor in the Office of Energy Resources at the US Department of State.