Romania, Hungary, Azerbaijan, Georgia to Establish Green Energy Export Joint Venture in Bucharest

Romania, Hungary, Azerbaijan, and Georgia have agreed to establish a joint venture focused on exporting green energy to the European market, with its headquarters in Bucharest. The founding documents were signed on Tuesday in the Romanian capital, during the eighth meeting of energy ministers from the involved countries, including Bulgaria, which officially joined the Green Energy Corridor project.

The project involves constructing a 1,200 km offshore cable in the Black Sea, with a 1,000 MW transmission capacity, linking South Caucasus energy networks with those in continental Europe. This cable will facilitate the transport of renewable energy from Azerbaijan and Georgia to the EU, the Balkans, and Moldova.

During the meeting, the agreement for the cable's construction, initially signed in December 2022, was updated to align with European legislation. The investment for the cable is estimated to exceed EUR 2 billion, with commissioning expected by late 2029. A feasibility study's results will be presented in Baku in November.

Bulgaria's Deputy Energy Minister Georgi Samandov, who attended the event, stated, "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."

Source: Bulgarian News Agency