Wednesday, 26 June 2019 03:53 GMT
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Montenegro eyes to co-op with Azerbaijan in renewable energy [PHOTO]




(MENAFN - AzerNews) By Leman Mammadova

Azerbaijan strives to attract more countries, which already have experience in alternative energy,to cooperate on developing renewable energy sources.

Ministry of Energy held a meeting with a delegation of Montenegrin company Adriatic Capital.

During the meeting, executive director of the companyMarko Vujovićsaid that Adriatic Capital Adriatic Capital is interested in joint participation with Azerbaijan in projects on the use of solar energy.

The possibilities of cooperation in the field of renewable energy through Adriatic Capital were discussed during the meeting.

Vujović spoke about the current state of the alternative energy sector in Montenegro, the company's activities in this area, and projects in which the company participates. He noted that Adriatic Capital operates in designing, financing, construction and maintenance services, and has participated in the construction of wind parks, water and solar power plants in Serbia, Bosnia and Herzegovina, as well as in Montenegro.

He noted that the company conducted an inspection of Azerbaijan regions possessing the potential for using renewable energy sources, and is interested in participating in projects on the use of solar energy.

Deputy Energy Minister Elnur Soltanov spoke about solar and wind power plants operating in the country. He underlined the work carried out in the assessment of the potential and investment opportunities of the renewable energy sector of Azerbaijan, particularly the development of wind and solar energy, the preparation of legislative documents on renewable energy and energy efficiency, cooperation with various companies, financial institutions, and improvement of the attractiveness of this area for private investors.

During the meeting, the sides discussed the signing of a memorandum of understanding with the Ministry of Energy on the development of renewable energy sector and negotiating future cooperation opportunities.

The favorable geographic location and climatic conditions allow the widespread use of environmentally friendly alternative energy sources in Azerbaijan.

The capacity of the energy system of Azerbaijan is more than 6,000 megawatts. At the same time, according to the experts, the potential of renewable energy sources in the country is more than 25,300 megawatts.

At present, 18 percent of electricity production in Azerbaijan fell on alternative energy sources, in which hydro power plants hold main share, although most of the country's potential in this area falls on solar energy (estimated at 5,000 megawatts). Some 4,500 megawatts accounts for wind power, 1,500 megawatts -- for biomass, 800 megawatts -- for geothermal energy, and the remaining 350 megawatts -- for the small hydro power plants (HPP).

Azerbaijan is planning to introduce the new draft law on alternative energy sources by May 2019. In this context, the Norwegian DNV GL helps create a support system and a legal framework in Azerbaijan's alternative energy sector.

The Energy Ministry is cooperating with BP, Totaland Equinor to develop alternative energy cooperation as well.

The Azerbaijani government is planning to increase the share of alternative energy by 30 percent by 2030 in total power generation.

Adriatic Capital provides consulting, investment and asset management services related to prime investment opportunities in Montenegro, with a focus on tourism, real estate, energy, and other related industries.

Montenegro's cooperation with Azerbaijan in the field of energy is currently based on activities related to the Ionian-Adriatic Pipeline (IAP). IAP, which is expected to be connected to the Trans Adriatic Pipeline (TAP), will pass through Montenegro as well.

IAP is a proposed natural gas pipeline in Southeastern Europe (SEE) that will stretch from Albania through Montenegro, and Bosnia and Herzegovina, to Split in Croatia.The capacity of the pipeline will amount to five billion cubic meters of gas per year.

In 2013, a mutual memorandum of understanding on construction of Trans-Adriatic and Ion-Adriatic gas lines were signed among Azerbaijan, Montenegro, Albania, Croatia, Bosnia and Herzegovina, as well as a memorandum of understanding on South Gas Corridor and South-East European Corridor projects were signed among Azerbaijan, Albania, Croatia and Montenegro.

The Protocol signed on the establishment of diplomatic relations between Azerbaijan and Montenegro in 2006, can be considered as the beginning of bilateral mutually beneficial cooperation. After the opening of the diplomatic mission of Azerbaijan in Montenegro and opening of the Honorary Consulate of Montenegro in Azerbaijan, bilateral relations have further developed.

The establishment of the Joint Commission on Economic Cooperation between the Government of the Republic of Azerbaijan and the Government of Montenegro in 2013 is an indication of the importance of the cooperation between the two countries.

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Montenegro eyes to co-op with Azerbaijan in renewable energy [PHOTO]

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