Romania-Japan Energy Forum: MoU with Itochu for CHEAP Project
The Romania-Japan Energy Forum, organized by the Romanian Ministry of Energy, the Ministry of Economy, Trade and Industry of Japan and Wise Finance Solutions, was held in Bucharest during November 4-5. The event brought together energy companies and public institutions from both countries, led by Energy Minister Sebastian Burduja, and Japan’s Deputy Minister of Economy, Trade and Industry, Shinji Takeuchi. Relations between Romania and Japan were elevated to the level of strategic partnership on March 7, 2023.
The Forum accelerated the two countries’ joint energy projects, the development of new generation nuclear energy, the expansion of renewable energy storage capacities, the production of green hydrogen and the deployment of carbon capture, utilization and storage technologies.
“Today’s Forum is not just an exchange of ideas it includes concrete commitments. Through our partnerships, Romania assumes its role as a regional leader in renewable and nuclear energy. Today we have taken a concrete step towards a safer, more competitive and more sustainable Romania in terms of energy. I am convinced that through this collaboration between the experience of the Japanese administration and private sector and Romania’s openness and the opportunities available in our country, in the very near future we will have remarkable results in the bilateral relationship through partnerships aimed at: pumped storage hydropower plants, battery storage, hydrogen and blue ammonia production, uranium production, carbon dioxide capture etc. We are talking about investments worth billions of euros that will create new jobs and ensure affordable energy prices and energy security for all Romanians,” the Romanian Energy Minister said.
During the forum, the Romanian Ministry of Energy and the Japanese company Itochu Corporation signed a Memorandum of Understanding (MoU) for the development of the Tarnita-Lapustesti pumped storage hydropower plant (CHEAP) investment, a project of strategic importance for balancing the national energy system, necessary in the context of increasing the share of renewable energy.
Given the current global challenges, heightened by the conflict in Ukraine and the growing demand for energy in sectors such as IT and heavy industry, the parties reaffirmed their commitment to work together to find innovative solutions to ensure energy security. Romania has presented a number of major projects, including units 3 and 4 at Cernavoda and the Doicesti small modular reactor (SMR) project, inviting Japanese partners to contribute with technology and knowledge. Other areas with high potential for cooperation are district heating, hydrogen production and renewable electricity generation.
Ministers and companies of the two countries also confirmed their support for attracting Japanese investment in Romania and joint financing programs, especially in the field of advanced technologies.
