Croatia-based ENNA to develop wind, solar projects in Azerbaijan

Croatia-based ENNA Group and the Azerbaijan Renewable Energy Agency (AREA) have signed a memorandum of understanding (MoU).

The document establishes a framework for cooperation on the potential development of renewable energy projects in Azerbaijan, ENNA Group said.

According to the announcement, the memorandum made it the first Croatian and one of the first European companies to secure a cooperation framework that could, following further assessments and necessary approvals, result in investments in renewable energy projects in Azerbaijan.

The signing took place on the sidelines of the 12th Southern Gas Corridor Advisory Council Ministerial Meeting and 4th Green Energy Advisory Council Ministerial Meeting in Baku.

AREA and ENNA to cooperate on determining key conditions for economically viable investments

In line with the memorandum, AREA and ENNA will cooperate on assessing opportunities in Azerbaijan’s renewable energy sector, and on determining the key conditions for economically viable investments.

The focus will be on solar power plants and wind farms, the update reads.

The cooperation framework envisages the establishment of a joint steering committee, composed of representatives from AREA, relevant Azerbaijani energy institutions, and ENNA Group.

The panel would direct and oversee the activities implemented in line with the MoU and make decisions by mutual agreement.

Of note, late last year ENNA began the construction of its first photovoltaic plant outside of Croatia.

Abdullayev: We strive to unlock the country’s renewable energy potential

Javid Abdullayev, CEO of AREA, said that Azerbaijan continues to create conditions for the development of a competitive and sustainable renewable energy sector.

Through strategic partnerships and knowledge exchange, the country strives to unlock its renewable energy potential and enable commercially viable, long-term investments that contribute to its green energy transition, he underscored.

Napast: A major step forward for the company in international markets

According to Boštjan Napast, ENNA Group CEO, the memorandum represents a significant step forward for the company in international markets.

“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”, Napast stressed.

The memorandum establishes a framework for cooperation during an initial period of 12 months. The signatories envisaged joint assessments, expertise exchange, and the preparation of conditions that could support future investments in renewable energy.