Hungarian ambassador: Expanding renewable energy ties with Azerbaijan top priority

Nakhchivan possesses significant potential for renewable energy development due to its abundant solar, wind, and hydropower resources, noted Hungarian Ambassador to Azerbaijan, Tamás Torma, during his recent visit to the Nakhchivan Autonomous Republic.

The ambassador emphasised that Hungarian companies are keenly interested in expanding cooperation with Azerbaijan’s energy sector, Caliber.Az reports, citing local media.

“We intend to expand cooperation and capitalise on existing opportunities for mutual benefit. This process is actively ongoing. Hungarian specialists are engaged in identifying projects that can be implemented under these initiatives,” Torma stated.

He further explained that cooperation with Azerbaijan is strategically important for Hungary and encompasses both traditional and renewable energy sources. “Hungary’s largest companies are already operating in Azerbaijan, reflecting the significance Hungary attaches to this partnership,” the ambassador added.

The foundation for this growing relationship dates back to November 2014, when Azerbaijan and Hungary signed a Joint Declaration establishing a strategic partnership. This declaration, along with a series of subsequent agreements, laid the groundwork for fruitful economic collaboration. At that time, bilateral trade was modest, with a trade volume of approximately $69.3 million. However, over the past decade, Hungary has invested over $1 billion in the Azerbaijani economy, becoming the country’s third-largest investor. In 2023, trade between the two nations reached nearly $200 million.

A key development in regional energy cooperation took place during the Southern Gas Corridor Advisory Council meeting on April 4. Azerbaijan, Georgia, Türkiye, and Bulgaria agreed to establish a Green Energy Corridor to enhance electricity transmission and trade within the region.

Hungary has expressed strong interest in the Green Energy Corridor project, as Azerbaijan is positioned to become a crucial exporter not only of natural gas but also of renewable energy to Central Europe. Last year, Hungary, Azerbaijan, Georgia, and Romania launched a joint venture to install a power line beneath the Black Sea. This initiative aims to increase the flow of renewable energy into the European Union.

The Green Energy Corridor holds significant promise for generating power from Caspian Sea wind farms, with Azerbaijani “green electricity” planned to be transmitted to EU members Hungary and Romania through Georgia, thus strengthening energy security and sustainability in the region.

By Tamilla Hasanova