The Black Sea Green Energy Corridor (Black Sea Energy) project has officially entered the development phase.
According to Report, citing the Green Energy Corridor Power Company (GECO Power), the decision was made following the sixth meeting of the company's Board of Directors.
The transition to the new stage became possible after the project's feasibility study (FS) received formal approval from the governments of the participating countries at the 12th ministerial meeting held in Baku.
During the board meeting, the company outlined key priorities for the next phase, including the launch of Workstream 2, which covers concept design, engineering surveys, and procurement strategy development. Shareholders will also be presented with alternative implementation options for the current stage.
GECO Power has also begun preparations to procure seabed survey services for the installation of the first submarine cable and has intensified cooperation with international financial institutions, technology providers, and project developers.
At the same time, work will continue on securing Project of Mutual Interest/Project of Common Interest (PMI/PCI) status, which is expected to strengthen the initiative's position within Europe's energy infrastructure framework. The board also discussed GECO Power's budget execution and deeper cooperation with the national energy regulators of the participating countries.
"The Green Energy Corridor continues to evolve from a strategic concept into one of Europe's most significant cross-border energy infrastructure projects, contributing to regional energy security, the large-scale integration of renewable energy sources, and closer cooperation between Europe and the South Caucasus," the company said.
The project is being implemented under the Strategic Partnership Agreement on the Development and Transmission of Green Energy, signed in Bucharest in 2022 by Azerbaijan, Georgia, Romania, and Hungary. The agreement marked a major step toward establishing a green energy corridor linking the South Caucasus with Europe.
The joint venture for the Caspian–Black Sea–Europe Green Energy Corridor was established under a memorandum of understanding signed on July 25, 2023, by Azerbaijan, Georgia, Romania, and Hungary. The Black Sea submarine power cable is the project's flagship infrastructure component, providing a direct electricity link between Georgia and Romania while connecting the power systems of the South Caucasus and Southeast Europe.
The submarine cable will stretch 1,115 km underwater and 40 km on land, operate at 525 kV, and have a transmission capacity of 1,300 MW. Completion of the Black Sea power cable is scheduled for 2032. The project has been included in the European Union's list of Projects of Mutual Interest (PMI), and the European Commission plans to allocate €2.3 billion for its implementation.