Azerbaijan's President Ilham Aliyev has approved an agreement between Azerbaijan, Kazakhstan and Uzbekistan on strategic partnership in the development and transmission of green energy.
The agreement was signed by leaders of the three countries on November 13, 2024, initiating a Caspian Sea electricity transmission cable project. To ensure the efficient implementation of the project, the joint venture "Green Corridor Alliance" was established, with its headquarters in Baku.
The proposed cable will link the energy systems of the three countries, promoting energy security, sustainable and economic growth in the region.
It also aims to establish a "green corridor" for the transmission of renewable energy from the Caspian region to Europe via another high-voltage submarine cable -the Black Sea Cable - connecting the South Caucasus region with the European Union.
The two power transmission cables are part of a broader strategy to connect the Caucasus region with continental Europe.
The European Bank for Reconstruction and Development (EBRD) is expected to play a crucial role in this initiative, providing policy guidance and investments in renewable energy.
The project’s initial budget exceeds $2 billion, and preliminary timelines suggest commissioning by 2029, said Aida Sitdikova, the EBRD’s Director of Energy, Eurasia, Middle East and Africa, Sustainable Infrastructure Group, said in an interview with The Astana Times.
The two projects could create a transformative green energy corridor, harnessing Central Asia’s abundant wind and solar resources for export to Europe—diversifying energy supplies and supporting the continent’s decarbonization efforts, she said underlining that economic feasibility remains critical for the project’s success.
"Renewable energy from Kazakhstan, Uzbekistan, Azerbaijan, and Georgia must be offered at competitive prices for European consumers. Europe has alternative sources, such as North Africa and the Middle East, so the cost-competitiveness of both generation and transmission will be the key determining factor," EBRD expert noted.
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