Italian company CESI presented a report with preliminary results of the feasibility study for the Green Energy Corridor Project (Black Sea Energy), which envisions supplying green energy from Azerbaijan to Europe via the Black Sea bed.
As per Report, CESI's report was presented on the sidelines of COP29 in Baku during the 9th ministerial meeting dedicated to the project implementation.
Azerbaijan was represented at the meeting by Energy Minister Parviz Shahbazov, Romania by Energy Minister Sebastian Burduja, Georgia by First Deputy Prime Minister and Minister of Economy and Sustainable Development Levan Davitashvili, and Hungary by State Secretary of the Ministry of Foreign Affairs and Trade Peter Sztaray. Bulgaria's Energy Minister Vladimir Malinov, European Commission's Director for Energy Policy Christina Lobillo Borrero, and others also attended the meeting.
Meeting participants were presented with forecasts for renewable energy and green hydrogen demand and production, information about technologies and technical-economic potential of interconnectors, and preliminary analysis data on creating and transmitting green electricity and hydrogen infrastructure.
In his speech, Shahbazov noted that the preliminary feasibility study results allow starting discussions about potential business models for the project and clear long-term supply and demand plans. The minister proposed holding an expert group meeting soon regarding the project's fiber-optic component.
Meeting participants emphasized that the European Bank for Reconstruction and Development and the Asian Development Bank are interested in financing this project, and discussions will be held with them after the final version of the feasibility study is prepared. Additionally, progress on creating a green corridor between Azerbaijan, Kazakhstan, and Uzbekistan was highly appreciated.
The "Strategic Partnership Agreement in Green Energy Development and Transmission between the governments of Azerbaijan, Georgia, Romania, and Hungary" was signed on December 17, 2022, in Bucharest.