Green Corridor Project Advances As 4-Nation Consortium Sets Up (PHOTO)
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 3. The preliminary
results of the Technical and Economic Justification (TEO) for the
green energy corridor project involving Azerbaijan, Georgia,
Romania, and Hungary will be showcased at COP29 in Baku, scheduled
for November 2024, Trend reports via the Ministry of Energy.
Azerbaijan's Energy Minister Parviz Shahbazov announced that the
signing of the founding documents for the joint venture marks a
pivotal moment for the project.
"With today's signing of the joint venture's founding documents,
the 'green' energy corridor project reaches a new level. The joint
venture will manage financial and organizational matters, and
monitor processes. Azerbaijan will be a reliable partner for the EU
in renewable energy," Shahbazov said.
He further noted that the next step involves engaging with
Central Asian countries to facilitate the export of green energy to
Europe.
In Bucharest, the parties also discussed the creation of a
fiber-optic cable line (FOC) and the integration of Bulgaria into
the project.
The European Commission may soon include this green regional
project in its list of projects of common interest (PCI/PM).
The four participating countries have submitted a joint
application to the EC to initiate the relevant procedures in
September.
The strategic partnership agreement signed on December 17, 2022,
between Azerbaijan, Georgia, Romania, and Hungary, envisions the
construction of the Black Sea Energy underwater electrical
cable.
This 1,195-kilometer cable, with a capacity of 1,000 MW, will
transport green electricity from Azerbaijan via Georgia and the
Black Sea to Romania, and onwards to Hungary and the rest of
Europe, aiming to deliver up to four gigawatts of green energy.
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