Azerbaijan, Georgia, Romania and Hungary to form JV for green electricity transmission to Europe

BAKU. July 25 (Interfax) - Azerbaijan, Georgia, Romania and Hungary will set up a joint venture for the transmission of green electricity from Azerbaijan to Europe, Azerbaijani Energy Minister Parviz Shahbazov said.

"In Bucharest, we signed the MoU with counterparts from Georgia, Romania and Hungary on the establishment of a joint venture between four countries for the implementation of the project, which envisages the Green Energy transmission from the Caspian Sea to Europe," Shahbazov said om social media.

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 a Black Sea Energy undersea cable with a capacity of 1 GW and a length of 1,195 km. The cable will 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 cable, which will be the world's longest, will take three or four years. The European Commission plans to provide 2.3 billion euros for the project.