The Black Sea Green Energy Corridor (Black Sea Energy) project has officially entered the development phase.
According to Report, the announcement was made by Green Energy Corridor Power Company (GECO Power), the joint venture established to implement the project.
The company said the decision was approved at the sixth meeting of the GECO Power Board of Directors, which serves as the project's operator.
The transition to the new phase became possible after the participating governments formally approved the project's Feasibility Study (FS) during the 12th Ministerial Meeting held in Baku.
During the Board meeting, the key priorities for the next stage of the project were identified. These include launching Workstream 2, which covers conceptual design, engineering and survey activities, and the development of the procurement strategy. In addition, alternative implementation scenarios will be presented to the shareholders.
The company has also begun preparations for procuring seabed survey services required for laying the first power cable. At the same time, cooperation with international financial institutions, technology providers, and project developers is being further strengthened.
GECO Power also noted that efforts will continue to secure the status of a Project of Mutual Interest/Project of Common Interest (PMI/PCI) from the European Union, a designation expected to strengthen the project's position within Europe's energy infrastructure.
The meeting also addressed the implementation of GECO Power's budget and the expansion of cooperation with the national regulatory authorities of the participating countries.
According to the company, the Green Energy Corridor is expected to become one of Europe's largest cross-border energy infrastructure projects by facilitating the large-scale integration of renewable energy, strengthening regional energy security, and expanding energy cooperation between the South Caucasus and Europe.
The project was launched under the Strategic Partnership Agreement on the Development and Transmission of Green Energy, signed in Bucharest in 2022 by Azerbaijan, Georgia, Romania, and Hungary.
A Memorandum of Understanding on the establishment of a joint venture for the Caspian-Black Sea-Europe Green Energy Corridor was signed by the four countries on July 25, 2023.
The project envisages the construction of a submarine electricity cable connecting Georgia and Romania, creating a direct link between the energy systems of the South Caucasus and Southeastern Europe. The cable will extend 1,115 km underwater and 40 km overland, with a voltage of 525 kV and a transmission capacity of 1,300 MW. Construction is scheduled for completion in 2032.
The project has been included in the European Union's list of Projects of Common Interest (PCI), and the European Commission plans to allocate €2.3 billion for its implementation.
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