The Green Energy Corridor Power Company (GECO) has successfully submitted its application to the European Commission for the Green Energy Corridor (GEC) project to be recognised as a Project of Mutual Interest under the EU's Trans-European Networks for Energy (TEN-E) Regulation, Report informs referring to the GECO.
"The Green Energy Corridor will create a new route for renewable electricity from the Caspian region to European markets. It connects Azerbaijan, Georgia, Romania and Hungary through a high-voltage direct current (HVDC) submarine cable across the Black Sea and complementary onshore infrastructure.
PMI status would recognise the project's strategic importance for the EU and its partners. It would also strengthen its access to EU support, streamline permitting, and reinforce investor confidence as the project moves through its development phase.
This submission is the result of close cooperation between GECO's shareholders: AzerEnerji, Georgian State Electrosystem, Transelectrica and MVM. We are grateful for their dedication, and for the continued support of the governments of Azerbaijan, Georgia, Romania and Hungary, the European Commission and our technical partners.
We look forward to the next stage of the evaluation process and to continuing our work towards a secure, diversified and decarbonised energy future for the region and for Europe," reads the statement.
The length of the submarine cable across the Black Sea for each line will be approximately 1,124 km, and the laying depth will reach 2,200 meters.
The route of the energy bridge will run from Baku through Georgia, making landfall in the areas of Anaklia and Poti, as well as through Tbilisi and Tskaltubo, further to Romania - via Constanta and Bucharest - and up to the Hungarian hub in Albertirsa.
The implementation of the project will take place in stages. The launch of the first line with a capacity of 1.3 GW is planned for 2032. It will allow exporting up to 8 TWh of renewable electricity annually. The second line, providing for the reception of electricity in Bucharest, should start operating in 2036, the third - with reception in Constanta - in 2040.
By 2040, annual deliveries of renewable energy from the Caspian region to the European Union are expected to reach 20 TWh.
Total investments in the Green Energy Corridor project to supply renewable energy from the Caspian region to Europe are estimated at approximately 22.1 billion euros, of which 14.3 billion euros will be required for the creation of transmission infrastructure.