Caspian-Europe Green Energy Cable Final Investment Decision Set For 2029 (PHOTO)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 22. A final decision on investments in the“Green Energy Corridor” project, which will connect the Caspian Sea with Europe, is expected in 2029, Azerbaijani Energy Minister Parviz Shahbazov announced.

In a post on his account on X, Shahbazov said the results of the project's feasibility study were discussed for the first time with international investors, financial institutions and business partners at the forum titled“Green Energy Corridor - From Feasibility Study to Implementation,” held in Baku.

According to the minister, the goal is to bring the strategic project, which has a transmission capacity of 4 gigawatts, to the final investment decision stage in 2029, based on a sustainable business model, reliable financing mechanisms and strong partnerships.

Shahbazov noted that the corridor, which will connect the Caspian Sea's renewable energy potential with European markets, will create new opportunities to strengthen energy security, diversify energy sources and expand regional energy integration.

On December 17, 2022, Azerbaijan, Georgia, Romania and Hungary signed a strategic partnership agreement providing for the construction of a 1,000-megawatt undersea power cable stretching 1,195 kilometers across the Black Sea.

The cable is intended to transmit green electricity generated in Azerbaijan and Georgia to Romania, from where it would be transported to Hungary and other European countries. The project aims to expand European countries' access to renewable energy resources in the Caucasus region.

In September 2024, electricity transmission system operators Transelectrica of Romania and Georgian State Electrosystem, Azerbaijan's AzerEnerji and Hungary's MVM established a joint venture to implement the Black Sea undersea cable project.

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