Azerbaijan is creating the necessary infrastructure for the successful launch of the Caspian-Black Sea-Europe green energy corridor (Black Sea Energy) through the implementation of renewable energy projects, Report informs, citing an article published in IEEE Spectrum.
Preliminary expert assessments suggest that the construction of the underwater cable could be completed within the next six years, with an estimated project cost of 3.5 billion euros ($3.8 billion).
However, the authors of the article note that the governments of the participating countries need to swiftly overcome several technical and financial barriers to bring this project to fruition.
They note that the Milan-based consulting and engineering firm CESI has determined that the project can carry up to 1.5 GW, sufficient to supply more than 2 million European households. CESI is currently conducting a second study to assess the efficiency of the energy corridor from the Caspian Sea to Europe and the possibility of increasing the capacity from 4 to 6 GW.
The article notes that to create the resource base for this project, Azerbaijan is currently constructing solar and wind power plants with foreign investments. These projects, carried out with companies such as Masdar (UAE) and ACWA Power (Saudi Arabia), will enable the construction of power plants in Azerbaijan with a total capacity of over 11 GW.
The authors of the article also note that the upcoming COP29 climate conference in Baku is expected to help promote the implementation of this transcontinental project.