Azerbaijani Energy Minister Parviz Shahbazov said a final investment decision on the Green Energy Corridor, which would connect the Caspian Sea with Europe, is expected in 2029.
In a post 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 a forum in Baku titled Green Energy Corridor - From Feasibility Study to Implementation.
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 on the basis of a sustainable business model, reliable financing mechanisms and strong partnerships. He said the corridor, linking the Caspian Sea’s renewable energy potential with European markets, would create opportunities to strengthen energy security, diversify energy sources and expand regional energy integration.
On 17 December 2022, Azerbaijan, Georgia, Romania and Hungary signed a strategic partnership agreement for construction of a 1,000-megawatt undersea power cable stretching 1,195 kilometres across the Black Sea. The cable is intended to transmit green electricity generated in Azerbaijan and Georgia to Romania, from where it would be carried to Hungary and other European countries. The project aims to expand European access to renewable energy resources in the Caucasus.
In September 2024, electricity transmission system operators Transelectrica of Romania, Georgian State Electrosystem, Azerbaijan’s AzerEnerji and Hungary’s MVM established a joint venture to implement the Black Sea undersea cable project.