Siemens Energy is exploring high-voltage direct current equipment for converter substations on the Caspian–Black Sea–Europe Green Energy Corridor, a cross-border project whose owners include Romania’s grid operator Transelectrica. Maxim Zubov, the company’s vice president for Türkiye, Central Asia and Western Europe, set out the interest in a video carried on the Azerbaijani Ministry of Energy’s social media accounts after the Baku forum “Green Energy Corridor: From Feasibility Study to Implementation.”
Zubov said the company, which he described as one of Europe’s leading suppliers of HVDC technology, is looking at technical solutions for the project’s converter substations. He said its technical team is in talks with the client, project representatives and the design institute. He also said Siemens Energy is ready to use its European client and partner network to help arrange discussions with potential electricity buyers, and that the company sees the scheme as an international initiative for renewable power, a more diverse European supply and closer ties among the participating countries. He added that it could strengthen Azerbaijan’s electricity grid.
At the Baku forum, the feasibility study was presented for the first time to international investors, financial institutions and business partners. The study, finalised in July 2026 and approved by the governments of Azerbaijan, Georgia, Romania and Hungary, puts investment in transmission infrastructure at 14.3 billion euro. The project remains in development. It envisages 3.9 gigawatts of transmission capacity on three lines of 1.3 gigawatts each. From 2032 it is projected to carry 8 terawatt-hours of renewable electricity a year to the European Union, rising to 20 terawatt-hours by 2040. Revenue from managing transmission constraints is forecast to exceed 315 million euro a year from 2032, with carbon dioxide emissions cut by 3.6 million tons a year by 2040.
Annual economic benefit is projected at 860 million euro after the first line in 2032, 1.8 billion euro after the second line in 2036, and more than 3 billion euro after the third line in 2040. A parallel description of the corridor puts its length at about 3,000 kilometres, phased commissioning from 2032, a target capacity of 4 gigawatts, scope for at least 8 gigawatts of regional renewable generation, about 20 billion kilowatt-hours a year to Europe from 2040, and a cut in carbon emissions of up to 3.6 million tons. Subsea cables at depths of up to 2,200 metres in the Black Sea were cited as a main technical challenge. A hybrid model mixing regulated and commercial elements, long-term power purchase agreements and private capital was also discussed.
Azerbaijan’s energy minister, Parviz Shahbazov, told the forum the project matters for regional energy security, supply diversification and the green transition, and for Azerbaijan’s aim to be a hub for producing, transmitting and exporting green energy. Political support reaffirmed during European Commission President Ursula von der Leyen’s recent visit to Baku was highlighted, as were efforts to place the project in the draft TYNDP 2026 and the attainment of Project of Mutual Interest status. Shahbazov said international financial institutions, private investors, a robust business model and long-term commercial agreements are required before a final investment decision. He said the goal is a regional project with a clear business model, a sustainable financial structure and terms attractive to investors, and that Azerbaijan’s location, experience in international energy projects and ties with partner countries support that aim.
The corridor involves Azerbaijan, Georgia, Romania and Hungary. It was launched under a strategic partnership signed in Bucharest on 17 December 2022 with the European Commission taking part. Development is led by Green Energy Corridor Power Company, a joint venture registered in Bucharest and owned in equal 25 percent stakes by AzerEnerji, Georgian State Electrosystem, Transelectrica and Hungary’s MVM. The project is listed in the ENTSO-E Ten-Year Network Development Plan 2026 as projects 1248 and 1244. Participants agreed a partnership roadmap and next steps toward a final investment decision. The following phase covers an implementation plan, financing options and preparatory work for that decision in 2029.
Siemens Energy works in power generation, electrical grids, storage and industrial electrification. The company says it has more than 150 years of experience, operates in 90 countries and employs about 100,000 people.