Azerbaijan, Kazakhstan, Uzbekistan establish joint venture for green energy supply project
BAKU. Dec 27 (Interfax) - National energy companies from Azerbaijan, Kazakhstan and Uzbekistan signed a founding agreement on Friday to create a joint venture, Green Corridor Union, with its headquarters in Baku, the Azerbaijani Energy Ministry said.
"OJSC Azerenergy, JSC Kazakhstan Electricity Grid Operating Company and JSC National Power Grid of Uzbekistan signed the founding agreement on Friday to establish the joint venture Green Corridor Union in Baku," it said.
The signing ceremony was attended by Azerbaijani Energy Minister Parviz Shahbazov, Kazakh Energy Minister Almassadam Satkaliyev and Uzbek Deputy Energy Minister Umid Mamadaminov.
Green Corridor Union will focus on preparing a feasibility study for creating the Central Asia-Azerbaijan green energy corridor for exports to Europe via Azerbaijan.
"The company will work on achieving common goals in developing renewable energy projects, sustainable energy systems and international energy corridors in the region," it said.
The joint venture will be managed by a CEO, with the position rotating every three years on an equal basis between the parties.
At the signing ceremony, Shahbazov said that the project will contribute to strengthening the energy security of the region's countries, developing the Middle Corridor and deepening Azerbaijan's integration with Central Asian countries.
As reported, a strategic partnership agreement on the development and transmission of green energy between the Azerbaijani, Kazakh and Uzbek governments was signed by the leaders of the three countries on November 13, 2024, at the COP29 climate conference.
An energy cable across the Caspian Sea will be part of the project to lay an energy cable from Central Asia through the Black and Caspian Seas to Europe for transporting green energy.
The installation of the underwater cable in the Black Sea (the Black Sea Energy project) is in its initial stages. In May, energy operators from Azerbaijan, Romania, Georgia and Hungary signed a memorandum to create a joint venture for the Black Sea Energy project. Bulgaria is also a participant. The project involves a 1 GW cable, 1,195 km long, designed to deliver green electricity produced in Azerbaijan through Georgia and the Black Sea to Romania, for subsequent transfer to Hungary and the rest of Europe. Construction will take up to six years. The European Commission plans to allocate 2.3 billion euros to the project.