Bulgaria joins project on transfer of green energy from Azerbaijan to Europe

Bulgaria’s Council of Ministers has approved the country’s participation in a joint venture for the implementation of the "Green Energy Corridor" project involving the transfer of green energy from Azerbaijan to Central Europe.

Azerbaijan’s Ambassador to Bulgaria Huseyn Huseynov announced this development on his social media account.

According to the diplomat, this initiative is based on the strategic partnership between the governments of Azerbaijan, Georgia, Romania and Hungary for the transmission of green energy via the Black Sea submarine cable from Azerbaijan to EU with the aim of strengthening regional energy security and connectivity, diversification of supply, utilization of the potential for energy production from renewable sources in the Caspian region and increasing the share of energy from renewable energy in the national energy mix.

He stressed that Bulgaria, with an equal participation of a 20% share, can play an important role in the project through its developed electricity transmission system, interconnections with neighboring countries, the developed electricity market, the possibility of investments in renewable energy sources and the growing demand for green energy.

Council of Ministers @GovBulgaria approved the participation of #Bulgaria in a joint venture for the implementation of the "Green Energy Corridor" project involving the transfer of #GreenEnergy from #Baku to Central #Europe. The initiative is based on the strategic… pic.twitter.com/6LEeTY3cW2

— Huseyn Huseynov (@HJHuseyn) June 27, 2024

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.

News.Az