Azerbaijan, Romania, Georgia, Hungary ink MoU to establish joint venture

Romania’s CNTEE Transelectrica SA and its international partners, namely AzerEnerji JSC of Azerbaijan, Georgian State Electrosystem, and MVM Zrt of Hungary signed a Memorandum of Understanding by which they agree to make the necessary efforts to undertake the steps regarding the establishment of a joint venture type company with the headquarter in Romania, Transelectrica said in a statement, Report informs.

The joint venture company would ensure the implementation of the Green Energy Corridor project, in accordance with the agreement between the Governments of Azerbaijan, Georgia, Romania and Hungary.

“The Green Energy Corridor is an ambitious project agreed by the Governments of Azerbaijan, Georgia, Romania and Hungary with the support of the European Commission, which will integrate the regional energy capacity and will provide electrical energy from renewable sources at competitive prices, in line with the current energy transition objectives at the level of the European Union,” Transelectrica said.