site.btaRomania, Hungary, Azerbaijan and Georgia Set Up Joint Venture to Export Green Energy

Romania, Hungary, Azerbaijan and Georgia will set up a joint venture to export green energy to the European market, which will be headquartered in Bucharest.

Representatives of the four countries on Tuesday signed the founding documents in the Romanian capital. The event was streamed live on social media following the eighth meeting in the Romanian capital of energy ministers from the countries involved in the implementation of the Green Energy Corridor project. Among them is Bulgaria.

The project envisages the construction of an offshore cable in the Black Sea with a length of almost 1,200 km and a transmission capacity of 1,000 MW, designed to connect the national energy networks of South Caucasus with those of continental Europe and to bring renewable energy produced in Azerbaijan and Georgia to the EU, but also to the Balkans and Moldova. 

During Tuesday's meeting in the Romanian capital, the agreement for its construction, signed in December 2022, was aligned with European legislation, and Bulgaria formally acceded the project.

According to preliminary estimates, the investment cable could exceed EUR 2 billion and commissioning could take place in late 2029. The results of a feasibility study will be presented in Baku in November.

"We believe that this project will be a template, an example that will be followed by other projects with new technologies that we have in our lives," said Bulgaria's Deputy Energy Minister Georgi Samandov, who also participated in the event.