BAKU, Azerbaijan, October 22. A final decision
on investments in the “Green Energy Corridor” project, which will
connect the Caspian Sea with Europe, is expected in 2029,
Azerbaijani Energy Minister Parviz Shahbazov announced.
In a post on his account on X, Shahbazov said the results of the
project's feasibility study were discussed for the first time with
international investors, financial institutions and business
partners at the forum titled “Green Energy Corridor - From
Feasibility Study to Implementation,” held in Baku.
According to the minister, the goal is to bring the strategic
project, which has a transmission capacity of 4 gigawatts, to the
final investment decision stage in 2029, based on a sustainable
business model, reliable financing mechanisms and strong
partnerships.
Shahbazov noted that the corridor, which will connect the
Caspian Sea's renewable energy potential with European markets,
will create new opportunities to strengthen energy security,
diversify energy sources and expand regional energy
integration.
On December 17, 2022, Azerbaijan, Georgia, Romania and Hungary
signed a strategic partnership agreement providing for the
construction of a 1,000-megawatt undersea power cable stretching
1,195 kilometers across the Black Sea.
The cable is intended to transmit green electricity generated in
Azerbaijan and Georgia to Romania, from where it would be
transported to Hungary and other European countries. The project
aims to expand European countries' access to renewable energy
resources in the Caucasus region.
In September 2024, electricity transmission system operators
Transelectrica of Romania and Georgian State Electrosystem,
Azerbaijan's AzerEnerji and Hungary's MVM established a joint
venture to implement the Black Sea undersea cable project.
