A joint venture between the energy transport operators in Romania, Georgia, Azerbaijan and Hungary, backed by the governments of the four countries, was set up in Bucharest on September 3, with the purpose of bringing green energy from Azerbaijan to Europe through a subsea cable laid under the Black Sea.

This company will implement the Green Corridor project, a direct current high-voltage submarine cable that will connect Romania and Georgia through the Black Sea, with extensions to Hungary and Azerbaijan. The cable is to have a length of 1,200 km and the cost of its installation between Romania and Georgia is estimated at €3.5bn.

“This strategic project, strongly supported by the European Commission, will contribute to strengthening national and regional energy security, increasing connectivity in the Black Sea basin and harnessing the potential of renewable energy,” said Romanian Minister of Energy Sebastian Burduja.

The joint venture was signed by Romania's CNTEE Transelectrica, Hungary's MVM Group, Georgian State Electrosystem and AzerEnerji.

The document on the establishment of the joint venture company Green Energy Corridor Power Company was signed in the presence of ministers from the four member states of the Agreement between the Governments of the Republic of Azerbaijan, Georgia, Romania and Hungary.

"Special importance is given to this project because we do not have a direct land border with the European Union and only the Black Sea connects us,” said Georgia’s Minister of Economy and Sustainable Development Levan Davitashvili.

“Access to affordable, reliable and secure energy from the South Caucasus is of utmost importance. It should be noted that in the South Caucasus, in particular in Georgia and Azerbaijan, impressive work is being done in the direction of the development of renewable energies. We are implementing new projects — in the direction of hydroelectric power plants, as well as solar and wind plants. Together we will be able to be a reliable supplier of green energy to the European Union.” 

Burduja said that the feasibility study for the subsea power cable will evaluate the possibility of adding an optical cable that will connect the four countries, contributing to the improvement of data flows and supporting the digitisation of the region.

The feasibility study for the subsea interconnector project will be presented at the 29th UN Climate Change Conference on November 11-23 in Baku.