Azerbaijan, Georgia, Romania, and Hungary will build a direct high-voltage submarine cable connecting the South Caucasus region with the European Union, with a purpose to strengthen national and regional energy security.
A joint venture, GECO Power Company - Green Energy Corridor Power Company, has been established by power grid operators of four countries – Romanian Transelectrica, Georgian State Electrosystem, AzerEnerji, and Hungarian MVM Energy.
Agreement on Strategic Partnership between the Governments of the Republic of Azerbaijan, Georgia, Romania and Hungary in the field of Development and Transmission of Green Energy was signed on 17 December 2022 in Bucharest.
The newly-created company will oversee the Black Sea Submarine Cable Project. The length of the submarine power cable will be more than 1,155 km (1,115 km underwater and 40 km on land), the voltage will be 525 kV, and the capacity will be 1,300 MW of telecommunications cable, which will be laid along the submarine power cable.
"The project plays an essential role in strengthening national and regional energy security, increasing connectivity in the Black Sea basin, diversifying supply routes, capitalizing on the potential of renewable energy and increasing its share in the national energy mix, as well as reducing electricity prices for household consumers and Romanian companies," according to a joint statement.
The estimated completion date for the construction of the submarine power cable is 2030. The project's feasibility study, carried out by the Italian consulting company CESI, has shown that the project is technically and economically feasible.
The European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) expressed interest in the project estimated to cost EUR 3.5 billion.
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