site.btaBulgarian Energy Holding to Acquire 20% Stake in Project for Green Energy Corridor from Azerbaijan to Europe

The government in Sofia approved the participation of the Bulgarian Energy Holding (BEH) and/or member companies of the group in a joint venture for building the Green Energy Corridor between Azerbaijan and Europe, Bulgaria's Council of Ministers said in a press release on Wednesday. The proposal came from the Minister of Energy. The Bulgarian side will hold a 20% stake in the project, equal to the stakes of the other participating countries Azerbaijan, Georgia, Hungary and Romania.

The Green Energy Corridor is conceived as a cable transmitting electricity from renewable energy sources from Azerbaijan via Georgia and the Black Sea to Romania, and on to Hungary and other parts of Europe. It is envisaged in energy agreements between the EU and Azerbaijan.

The project is fully aligned with the high goals of the European Green Deal and will ensure the security and sustainability of the electricity systems of all participating countries. Bulgaria can play an important role in the project with its well-developed electricity transmission network, which is connected to the networks of neighbouring countries, its well-developed electricity market, the possibility for investing in renewable energy sources and the growing demand for green energy, the press release said.