Azernews.Az

The Ministry of Energy of the Republic of Azerbaijan, the Ministry of Economy and Sustainable Development of Georgia, the Ministry of Energy and Natural Resources of the Republic of Türkiye and the Ministry of Energy of the Republic of Bulgaria have signed the "Memorandum of Understanding on cooperation in the field of green electricity transmission and trade."

The document was inked on the sidelines of the Southern Gas Corridor and Green Energy Advisory Council, 2nd Ministerial Meeting on Green Electricity Transmission and Trade Project between Azerbaijan, Türkiye, Georgia and Bulgaria in Baku.

Azerbaijan was represented at the meeting by Energy Minister Parviz Shahbazov, Georgia by Deputy Minister of Economy and Sustainable Development Vakhtang Tsintsadze, Türkiye by Minister of Energy and Natural Resources Alparslan Bayraktar and Bulgaria by Minister of Energy Zhecho Stankov. The meeting highlighted the importance of building an interregional green energy infrastructure in ensuring energy security and the role of projects promoting broad cooperation in the transportation of Azerbaijan's rich renewable energy resources. The participants stressed the significance of the new green interconnector, as well as discussed the steps to be taken to implement the project.

"By signing this document, we are announcing that we are starting to create another Green Energy Corridor, the source of which is Azerbaijan. Azerbaijan's abundant green energy potential, ambitious projects, proven track record in developing energy export infrastructure, and collaborative energy supply efforts between our countries form the solid foundation for the future success of this quadrilateral initiative. By making progress in the transmission and trade of renewable energy resources through green interconnectors, we will strengthen energy integration between the four countries and make a new contribution to regional energy security,” said Energy Minister Parviz Shahbazov.

"The Memorandum of Understanding signed today between the Republic of Azerbaijan, the Republic of Bulgaria, Georgia and the Republic of Türkiye sets the foundation for increased collaboration on cross-border electricity infrastructure. By working together, we are making great progress in improving energy security, increasing the use of renewable energy and creating a cleaner and stronger future for the next generations," Vakhtang Tsintsadze, Deputy Minister of Economy and Sustainable Development of Georgia noted.

Minister of Energy and Natural Resources of Türkiye Alparslan Bayraktar said: “As you known very well, cross-border electricity interconnections are crucial -technically, economically, and strategically. This initiative will bring a range of strategic benefits to our region - from improved energy security to better use of infrastructure, and from economic gain to greater sustainability. But it is only the beginning. Moving forward, we will need to cooperate closely on implementation, regulatory harmonization, and market synchronization.“

"Transformation of the energy sector is part of the economic transformation that requires secure, clean and affordable energy supplies. These are shared challenges, but we need to find tailored solutions based on strong and trusted cooperation and partnerships. And with today's signing of the Memorandum, we are taking a big step in that direction," Minister of Energy of the Republic of Bulgaria Zhecho Stankov said.

The document envisages cooperation between the four countries on the development of joint investment projects, the development of electricity infrastructure, as well as the integration process into the ENTSO-E system in order to increase the potential for green electricity transmission and trade.