Azerbaijan, Romania, Georgia and Hungary establish joint venture

Azerbaijan, Romania, Georgia, and Hungary have signed a memorandum on establishing a joint venture.

Romanian power grid operator Transelectrica has signed a Memorandum of Understanding with Azerbaijan's energy operator Azerenerji, Georgia's State Electricity System, and Hungary's MVM to establish a joint venture for “green energy” located in central Romania, Caliber.Az reports citing foreign press.

“The main objective of the venture is to realize the Green Energy Corridor project adopted by the governments of the four countries. “Green Energy Corridor” is a project adopted by the governments of Azerbaijan, Georgia, Romania, and Hungary with the support of the European Commission. This project will strengthen regional energy potential and provide electricity from renewable sources at competitive prices in line with the European Union's energy transition objectives,” Transelectrica said in a statement.

The project aims to assess the production and exchange of “clean energy” in the European and Caucasus regions, creating the necessary infrastructure to facilitate such exchange.