Ministry of Energy and Total have signed Memorandum of Understanding

The Memorandum of Understanding (MoU) on the development of the renewable energy sector in Azerbaijan was signed between the Ministry of Energy and Total Eren of France. The document was signed by the Deputy Minister of Energy Elnur Soltanov and Emmanuel Terroir, the Business Development Director for Caucasus at Total Eren. The Memorandum of Understanding envisages co-operation and capacity building for investment in renewable energy projects in Azerbaijan.

The Deputy Minister of Energy Elnur Soltanov spoke about the cooperation with the Total company in the hydrocarbon industry, the projects implemented and mentioned that this experience will become even more enriched with cooperation in the field of renewable energy sources. The Deputy Minister provided detailed information on the renewable energy potential of our country and stated that the launch of 420 MW of new generation of wind, solar and bioenergy in the "Strategic Road Map on Development of Utilities (Electricity and Heat Energy, Water and Gas) in the Republic of Azerbaijan" is one of the key targets. To achieve this goal, a regulatory framework for renewable energy is being established and mechanisms for attracting private investment are identified and cooperated with international energy companies and financial institutions that have advanced experience in this field: "The document signed today will open a new page in cooperation with “Total” company and will significantly contribute to the process of increasing the share of renewable energy in energy production" – the Deputy Minister added.

Country Director for Total, Denis Lemarshal, praised long-term cooperation in the field of energy with Azerbaijan. It was noted that Total Eren specializes in the development, financing and operation of renewable energy projects, particularly wind and photovoltaic power plants. The Memorandum of Understanding will enable the company to realize its interests in the development of green energy in Azerbaijan.