BAKU, Azerbaijan, March 10. Croatian Energia Naturalis d.o.o. (ENNA) company has announced the details of the memorandum of understanding (MoU) signed with the Azerbaijan Renewable Energy Agency (AREA) under the Ministry of Energy on cooperation in renewable energy.
In response to Trend's inquiry, the company said that the memorandum defines the framework for cooperation for an initial 12-month period. The company emphasized that over this period, the main focus will be on joint assessment activities, exchange of experience, and the preparation of conditions that can support future investments in renewable energy sources.
The company noted that, according to the memorandum, AREA and ENNA will cooperate in assessing existing opportunities in the renewable energy sector of Azerbaijan and determining the necessary basic conditions for economically viable investments. The company underscored that this cooperation will be focused in particular on renewable energy projects, including solar power plants and wind power plants.
"The cooperation includes the establishment of a Joint Steering Committee consisting of representatives of AREA, relevant Azerbaijani energy agencies, and ENNA. This committee will guide, monitor, and make decisions on the basis of mutual agreement on the activities carried out within the framework of the memorandum.
This memorandum of understanding is considered an important step in the international expansion of the Energy Division of the ENNA Group, as well as a significant milestone in terms of strengthening the company's position in foreign markets. With the signing of the memorandum, ENNA has become the first Croatian company and one of the first European companies to obtain a cooperation framework that could lead to potential investments in renewable energy projects in Azerbaijan. These investments will be subject to additional assessments and relevant approvals," the company's statement said.
Javid Abdullayev, Director of AREA, stated that the MoU signed with the Croatian company envisages conducting analyses of possible cooperation in the field of renewable energy and identifying possible project directions.
"This is a fairly reputable Croatian company with a wide portfolio. It operates not only in the field of renewable energy. Therefore, we believe that both the diversification of our areas of renewable energy sources in Azerbaijan and the diversification of the geography of the companies we work with will support the creation of serious competition and, ultimately, the achievement of the most favorable commercial conditions for our country," he explained.
Boštjan Napast, CEO of ENNA Group, also commented on the MoU signing.
"This Memorandum of Understanding marks a major step forward for ENNA Group in international markets and confirms our ambition to contribute to the energy transition through long-term, high-quality partnerships. Opportunities to participate in renewable energy projects in Azerbaijan are rare and strategically important. We are proud to be recognized as a credible partner and look forward to working with the Ministry of Energy to assess the potential for sustainable and commercially sound projects," he noted.
On March 3 of this year, a Memorandum of Understanding on cooperation in the field of renewable energy was signed between the AREA and Energia Naturalis d.o.o. The memorandum was signed within the framework of the 12th meeting of the Southern Gas Corridor Ministerial Advisory Council and the 4th meeting of the Green Energy Advisory Council Ministerial in Baku.
The Memorandum of Understanding was signed by Javid Abdullayev and Boštjan Napast.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel