BAKU, Azerbaijan, November 21. Azerbaijan, Romania, Georgia, and Hungary together with Bulgaria and the EU have signed a Memorandum of Understanding (MoU) on the creation of the Green Energy platform, TurkicWorld reports.

"We had a fruitful meeting on Green Energy Corridor with the participation of 4 countries, Bulgaria and EU in Budapest. We agreed to start a feasibility study right after the tender and hold a meeting of transmission system operators in December in Baku in order to establish a joint venture," Minister of Energy of Azerbaijan Parviz Shahbazov wrote on his page on X.

Meanwhile, Azerbaijan, Romania Georgia and Hungary signed an agreement to build a Black Sea sea-belt electric cable from the Black Sea coast of Georgia to the Black Sea coast of Romania on December 17, 2022.

The Black Sea Energy Submarine Cable project intends to provide Europe with secure energy sources. In order to assist the initiative, the European Commission, Azerbaijan, Romania, Hungary, and Georgia signed a Strategic Partnership Agreement in Bucharest.

The main priority of the project is to deliver renewable energy to Romania through underwater electrical cables passing through Azerbaijan and Georgia. It is anticipated that the project, with an initial budget of $2.3 billion, will be operational by 2029.

As part of this project, it is planned to lay a 1,195-kilometer power transmission line with a capacity of 1,000 MW between Georgia and Romania and install a digital connecting cable. To this end, with the support of the World Bank, it is planned to prepare a technical and economic justification for the project by the end of 2023.