2025-02-03
Joint Venture for Green Energy Corridor Established
The registration process of the joint venture, Green Energy Corridor Power Company - GECO POWER COMPANY, has been successfully completed in Bucharest, Romania, with the participation of transmission system operators from Georgia, the Republic of Azerbaijan, Romania, and Hungary. The purpose of the joint venture is to implement the Green Energy Corridor project, which includes the construction of a high-voltage submarine power transmission cable in the Black Sea. At this stage, the joint venture will be engaged in research and design activities for the Green Energy Corridor.
The joint venture was established in September 2024, in accordance with the founding agreement signed by the transmission system operators of Georgia, the Republic of Azerbaijan, Romania, and Hungary, which is based on the "Agreement on Strategic Partnership in the Field of Green Energy Development and Transmission between the Governments of the Republic of Azerbaijan, Georgia, Romania, and Hungary" signed on December 17, 2022. Additionally, on July 25, 2023, the governments of the four countries signed a Memorandum of Understanding regarding the establishment of the joint venture, which outlined the general principles for creating the joint venture.
The founding companies of the joint venture are "Azerenerji" from the Republic of Azerbaijan, "Georgian State Electrosystem" from Georgia, MVM Energy Private Limited Company from Hungary, and National Power Grid Company Transelectrica S.A. from Romania. The joint venture was established with equal share participation, and accordingly, all involved parties will participate equally in the company's management.
The Black Sea submarine cable project is the largest infrastructure project that will directly connect the power systems of Georgia and Romania, and in a broader context, the power systems of the South Caucasus and South-Eastern Europe. The submarine power cable will be over 1155 km in length (1115 km underwater and 40 km on land), with a voltage of 525 kV and a capacity of 1300 MW. The project also includes the construction of a fiber-optic telecommunications cable, which will be installed in the corridor selected for the submarine power cable. The estimated completion date of the project is 2030.
