BAKU, Azerbaijan, September 3. The preliminary results of the Technical and Economic Justification (TEO) for the green energy corridor project involving Azerbaijan, Georgia, Romania, and Hungary will be showcased at COP29 in Baku, scheduled for November 2024, TurkicWorld reports via the Ministry of Energy.
Azerbaijan’s Energy Minister Parviz Shahbazov announced that the signing of the founding documents for the joint venture marks a pivotal moment for the project.
"With today's signing of the joint venture's founding documents, the 'green' energy corridor project reaches a new level. The joint venture will manage financial and organizational matters, and monitor processes. Azerbaijan will be a reliable partner for the EU in renewable energy," Shahbazov said.
He further noted that the next step involves engaging with Central Asian countries to facilitate the export of green energy to Europe.
In Bucharest, the parties also discussed the creation of a fiber-optic cable line (FOC) and the integration of Bulgaria into the project.
The European Commission may soon include this green regional project in its list of projects of common interest (PCI/PM).
The four participating countries have submitted a joint application to the EC to initiate the relevant procedures in September.
The strategic partnership agreement signed on December 17, 2022, between Azerbaijan, Georgia, Romania, and Hungary, envisions the construction of the Black Sea Energy underwater electrical cable.
This 1,195-kilometer cable, with a capacity of 1,000 MW, will transport green electricity from Azerbaijan via Georgia and the Black Sea to Romania, and onwards to Hungary and the rest of Europe, aiming to deliver up to four gigawatts of green energy.
