Bulgaria and Japan will cooperate in the implementation of the energy transition

Working on joint initiatives for good practices and expertise in the green transition and green technologies. This is one of the main objectives of the Memorandum of Cooperation, which was signed today in the Japanese capital Tokyo by the Minister of Energy Vladimir Malinov and the Minister of Economy, Trade and Industry of Japan Ken Saito.

The document also envisages the promotion of cooperation in the use of natural gas, as well as in nuclear energy and the development of renewable and low-carbon hydrogen technologies. "With the signing of the Memorandum today, new opportunities for cooperation between the two countries are opening up. Japanese experience and technologies will contribute to achieving a sustainable energy transition in our country," Minister Malinov emphasized to his Japanese colleague.

One of the most important topics contained in the Memorandum is the promotion of cooperation between companies from both countries in the field of hydropower, and more specifically - in relation to the Chaira WPP. The plant is the largest pumped storage hydropower plant in the region with a strategic role for the security and balancing of the electricity system. "Resuming the work of Chaira is among our main priorities in the field of energy, as the plant is of strategic importance for Bulgaria and the region and has a direct relation to our national security", emphasized Minister Malinov. According to him, PSHP "Chaira" will enable both energy storage and optimization of the energy system management, as well as ensure stability and predictability of the price of electricity.

During his visit to Japan, Minister Malinov held a bilateral meeting with the Governor of the Japan Bank for International Cooperation (JBIC), Mr. Nobumitsu Hayashi. The two united around the fact that the presence of more Japanese companies in our country will contribute to the development of the Bulgarian economy. The Japan Bank for International Cooperation has expressed its readiness to finance any Japanese company that will work in the field of transformation and diversification of the energy sector. Minister Malinov expressed confidence that with the provision of financial support by the Japanese Bank for International Cooperation, more Japanese investments and technologies will enter the Bulgarian economy.