BAKU, Azerbaijan, October 24. Hellenic Cables,
an international cable manufacturer headquartered in Athens,
Greece, is interested in participating in the implementation of the
Caspian–Black Sea–Europe Green Energy Corridor project and
supplying cables for it.


This was announced by the company’s Business Development
Director, Timoleon Manolopoulos, in a video posted on the
Azerbaijani Ministry of Energy’s social media accounts, in which he
shared his views on the forum “Green Energy Corridor: From
Feasibility Study to Implementation.”


He noted that Hellenic Cables possesses sufficient production
capacity, technological capabilities, and experience in executing
complex subsea cable projects to meet the requirements of the
initiative.


Hellenic Cables is one of Europe’s leading cable manufacturers,
providing cable systems for energy transmission and distribution,
telecommunications, and other sectors. According to Manolopoulos,
the company has been operating since the 1950s and holds extensive
experience in delivering complex subsea and underground cable
projects.


"Projects involving the interconnection of energy systems with a
high degree of complexity represent one of the core areas of our
activity. The Green Energy Corridor project is a highly
significant, yet complex, initiative. Its timely implementation
requires large-scale production capacity, advanced technologies,
and a high level of professional expertise in executing complex
projects," he remarked.


The company representative said that Hellenic Cables has doubled
its submarine cable production capacity and is capable of
manufacturing a significant volume of cable to meet the project's
requirements. He also emphasized that the company's technological
capabilities align with the demands posed by the project's complex
operating conditions.


"With our production capacity, technological capabilities, and
experience in executing complex projects, we are very keen to
support this initiative," Manolopoulos noted.


Hellenic Cables operates five production facilities across three
countries and employs 3,300 people. The company's products are
exported to 50 markets worldwide. Since 2012, more than 800 million
euro have been invested in the company. Its core business areas
include the production of cables for power transmission and
distribution, renewable energy, offshore wind, telecommunications,
data networks, construction, and industrial sectors.


Prospects for Green Energy Corridor
project


At a forum held in Baku, the results of the feasibility study
for the Caspian–Black Sea–Europe Green Energy Corridor project were
presented for the first time to international investors, financial
institutions, and business partners. Discussions covered the
project's investment attractiveness, business model, financing
opportunities, and the establishment of new partnerships.
Furthermore, accelerating preparations for reaching a final
investment decision in 2029 was a key focus.


The forum featured representatives from government agencies of
Azerbaijan and partner countries, the European Union, international
financial institutions, investment funds, energy companies,
electricity off-takers, transmission system operators, cable
manufacturers, technology suppliers, as well as engineering and
insurance firms.







The event was attended by representatives from the World Bank,
the European Investment Bank, the European Bank for Reconstruction
and Development, the Asian Development Bank, the Black Sea Trade
and Development Bank, and the Islamic Development Bank, as well as
companies including Brookfield Asset Management, ACWA Power,
Masdar, SOCAR Green, China Datang, State Grid Corporation of China,
PowerChina, Siemens Energy, ABB, Hitachi Energy, TotalEnergies,
Prysmian, NKT, and Orient Cable.


Speaking at the opening of the forum, Azerbaijan’s Minister of
Energy, Parviz Shahbazov, stressed the strategic importance of the
project in terms of strengthening regional energy security,
diversifying energy supplies, and facilitating the green
transition.


The minister noted that the feasibility study for the project,
which was initiated through a strategic partnership agreement
signed in Bucharest in 2022 between Azerbaijan, Georgia, Romania,
and Hungary, was completed this July. The results of the study
indicate that the project is technically feasible and economically
attractive.


Shahbazov pointed out that the project holds a special place in
Azerbaijan’s strategy to become a regional hub for the production,
transmission, and export of green energy. The reaffirmed political
support for the project during the recent visit of European
Commission President Ursula von der Leyen to Baku was also
highlighted. Strengthening the project’s investment prospects
through efforts to include the project in the draft TYNDP 2026
(Ten-Year Network Development Plan) for the European electricity
grid, as well as the attainment of "Project of Mutual Interest"
(PMI) status, was noted.


The Green Energy Corridor, envisioned to span approximately
3,000 kilometers, is planned to be commissioned in phases starting
from 2032, with a target transmission capacity of 4 GW. According
to the feasibility study, the project could facilitate the
development of at least 8 GW of renewable energy generation
capacity in the region, enable the transmission of approximately 20
billion kilowatt-hours of electricity to Europe annually from 2040
onwards, and contribute to a reduction in carbon emissions by up to
3.6 million tons.


One of the primary technical challenges of the project involves
the planned installation of subsea power cables at depths of up to
2,200 meters in the Black Sea. Consequently, the necessity of
employing advanced technological solutions to carry out operations
at such depths has been emphasized.


The consideration of a hybrid business model combining regulated
and commercial components to ensure the project’s commercial
sustainability was pointed out. This model is intended to be based
on long-term power purchase agreements, the participation of
private capital, and the development of cross-border electricity
trade.


The minister of energy said that the involvement of
international financial institutions and private investors, a
robust business model, and long-term commercial agreements are
essential prerequisites for reaching a final investment
decision.


"Our goal is to transform the Green Energy Corridor into a
regional infrastructure project characterized by a clear business
model, a sustainable financial structure, and attractive terms for
investors. Azerbaijan’s strategic location, extensive experience in
international energy projects, and reliable relationships with
partner countries provide a solid foundation for achieving this
objective," noted Shahbazov.


At the conclusion of the forum, the development of a partnership
roadmap and the next steps toward reaching a Final Investment
Decision (FID) for the Green Energy Corridor project were agreed
upon.