The Bulgarian Council of Ministers has approved the country's participation in a joint venture to implement the Azerbaijan-Georgia-Europe green energy corridor project, set to traverse the Black Sea.
According to Report, Azerbaijan's Ambassador to Bulgaria, Huseyn Huseynov, announced this development on his social media account, stating: "The Bulgarian Council of Ministers approved the participation of Bulgaria in the joint venture for the implementation of the 'Energy Corridor' project involving the transfer of green energy from Baku to Central Asia."
He noted that Bulgaria, with a 20% share, could play an important role in this project due to its developed electricity transmission system, interconnections with neighboring countries, developed energy market, potential for investments in renewable energy sources (RES), and growing demand for "green" energy.
The publication notes that the Black Sea Energy corridor initiative is based on a strategic partnership between the governments of Azerbaijan, Georgia, Romania, and Hungary regarding the transmission of "green" energy via an underwater Black Sea cable. It aims to strengthen regional energy security, diversify supplies, utilize the potential for renewable energy production in the Caspian region, and increase the share of renewable energy in the national energy balance.
Azerbaijan, Georgia, Romania, and Hungary signed an agreement on strategic partnership for the construction of the Black Sea Energy underwater electric cable with a capacity of 1 GW and a length of 1,195 km on December 17, 2022, in Bucharest. In June 2023, it was announced that Bulgaria had joined the project.
The cable is designed to supply "green" electricity generated in Azerbaijan through Georgia and the Black Sea to Romania for subsequent transportation to Hungary and the rest of Europe. The construction of the facility will take 3-4 years. The European Commission plans to allocate 2.3 billion euros for the project.
In May 2024, energy operators from Azerbaijan, Romania, Georgia, and Hungary signed a memorandum to create a joint venture as part of the implementation of the Black Sea Energy project. The joint venture will operate in Romania.