site.btaEnergy Cooperation Memorandum Signed with Japan during Minister Malinov's Visit to Tokyo

Joint initiatives concerning the green transition and green technology are among the main objectives of a memorandum of cooperation signed in Tokyo on Thursday by Bulgarian caretaker Minister of Energy Vladimir Malinov and Japanese Minister of Economy, Trade and Industry Ken Saito.

The memorandum envisages stepping up bilateral cooperation in natural gas use, nuclear power, renewable energy and low-carbon hydrogen technology. Malinov commented: "The signing of the memorandum opens new possibilities for cooperation between our two countries. Japanese expertise and technology will help achieve a sustainable energy transition in Bulgaria."

One of the main points in the memorandum is to promote cooperation between companies in the two countries in the field of hydroelectric energy, specifically vis-à-vis the Chaira Pumped Storage Hydro Power Plant in Southwestern Bulgaria. This is the largest hydroelectric power plant using pumped storage technology in the Balkans, which is of strategic importance for the security and balance of the Bulgarian electricity system, according to the press release.

Malinov said: "Restarting the Chaira is one of our top priorities in the field of energy because the plant is of strategic importance for Bulgaria and the region and has a direct bearing on our national security." According to the minister, Chaira will make it possible to store energy, streamline the management of the national energy system and ensure stability and predictability of the price of electricity.

On Wednesday, Toshiba Energy Systems and Solutions Corporation agreed to assist Bulgaria for a prompt restart of Chaira. The matter was discussed at a meeting in Tokyo between the Managing Director and Director of Energy Systems at the corporation, Tsutomu Takeuchi, and Energy Minister Malinov.

On Thursday, Malinov also met with Japan Bank for International Cooperation (JBIC) Governor Nobumitsu Hayashi, the Bulgarian Energy Ministry said. The two agreed that the presence of more Japanese companies in Bulgaria will contribute to the development of the Bulgarian economy. Hayashi said the JBIC is willing to provide funding to any Japanese company which wants to work for the transformation and the diversification of the energy sector. Malinov expressed his confidence that the JBIC's financial support will bring more Japanese investments and technologies into the Bulgarian economy.

Earlier in the week, Bulgaria signed a memorandum of cooperation in the field of energy with South Korea during Malinov's visit to Seoul.