Azerbaijan Reveals Bulgaria's Black Sea Energy Joint Venture Participation

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 27. Bulgaria will have a 20 percent shareholding in a joint venture for the implementation of the Green energy Corridor project 'Azerbaijan-Georgia-Black Sea-Europe' (Black Sea Energy), Azerbaijani Ambassador to Bulgaria Huseyn Huseynov wrote on his X page, Trend reports.

According to him, Bulgaria's Council of Ministers approved the country's participation in the above venture.

He pointed out that Bulgaria can play an important role in the project through its developed electricity transmission system, interconnections with neighboring countries, the developed electricity market, the possibility of investments in renewable energy sources, and the growing demand for green energy.

The ambassador noted that the Black Sea Energy plan is built on a strategic collaboration between Azerbaijan, Georgia, Romania, and Hungary to transmit green energy via the Black Sea underwater cable.

Huseynov added that the project aims to strengthen regional EnergySecurity and connectivity, diversify supply, utilize the potential for energy production from renewable sources in the Caspian region, and increase the share of energy from renewable energy in the national energy mix.

To note, Azerbaijan, Georgia, Romania, and Hungary signed an agreement in Bucharest on a strategic partnership for the construction of the Black Sea Energy submarine cable with a capacity of one GW and a length of 1,195 kilometers on December 17, 2022.

The cable is intended to deliver green electricity from Azerbaijan (produced at future offshore wind farms) through Georgia and the Black Sea to Romania, and then further transported to Hungary and the rest of Europe. The European Commission plans to allocate 2.3 billion euro for the project.

In May 2024, energy operators from Azerbaijan, Romania, Georgia, and Hungary signed a memorandum to create a joint venture for the implementation of the Black Sea Energy project.

The headquarters of the joint venture will be located in Bucharest.


Trend News Agency

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