Bulgarian govt approves participation in project to supply green energy from Azerbaijan to Europe

BAKU. June 27 (Interfax) - The Bulgarian government has approved the country's participation in the joint venture that will carry out the Black Sea Energy project to lay a cable to supply green energy from Azerbaijan to Europe, Azerbaijani Ambassador to Bulgaria Huseyn Huseynov said.

"The Council of Ministers approved Bulgaria's participation in a joint venture to implement the Green Energy Corridor project to supply green energy from Azerbaijan to Central Europe," Huseynov said on social media.

He said Bulgaria, with a 20% share participation like the rest of the participants in the future joint venture, could play an important role in the project due to its developed electricity transmission system, interconnection with neighboring countries, opportunities for investment in renewable energy sources and growing demand for green energy.

Huseynov said the aim of the Black Sea Energy project initiative was to strengthen regional energy security, diversify supplies, tap the potential for power generation from renewable energy sources in the Caspian region and increase the share of alternative energy in Azerbaijan's energy mix.

Azerbaijan, Georgia, Romania and Hungary signed an agreement in Bucharest on December 17, 2022, on strategic partnership, which includes the construction of an energy bridge from the Caucasus region to Europe. This involves laying the 1,195 km Black Sea Energy undersea cable with capacity of 1 GW to supply "green" electricity produced in Azerbaijan through Georgia and the Black Sea to Romania for subsequent transportation to Hungary and other European countries. A decision was reached in June for Bulgaria to join the project. Laying the cable will take three or four years. The European Commission plans to provide 2.3 billion euros for the project.