Romania eyes EU grants for ambitious green energy project linking Caspian to Europe

Romania has disclosed the preliminary cost estimates for the creation of a groundbreaking green energy corridor linking the Caspian Sea, the Black Sea, and Europe.

Romanian Energy Minister Sebastian-Ioan Burduja revealed that the project, which aims to establish the world’s longest submarine cable line, is expected to exceed €10 billion, according to reports from the ministerial meetings held in Baku on the sidelines of the Southern Gas Corridor Advisory Council Ministerial Meeting and the Green Energy Advisory Council Ministerial Meeting, Caliber.Az reports citing local media.

The ambitious green energy corridor project will involve the construction of an approximately 1,100-kilometre submarine cable line designed to facilitate the transport of renewable energy across the Caspian, Black Sea, and European regions. Minister Burduja stated that while the feasibility study for the project is nearing completion, the next step will be to secure financing to move forward.

A significant portion of the project’s funding is expected to come from European Union grants, according to the minister, which would help expedite the project’s development within a reasonable timeframe. Burduja emphasized that the green corridor is poised to significantly enhance regional energy security, offering access to cheaper and cleaner energy. The project is seen as a “win-win” model for energy sustainability, with both environmental and economic benefits.

Furthermore, Burduja acknowledged the important role of the State Oil Company of Azerbaijan (SOCAR) in Romania’s energy market, praising its ongoing contributions. SOCAR’s involvement is seen as a key factor in the realization of regional energy security and the successful implementation of the green energy transition in the region.

The creation of the green energy corridor is expected to serve as a cornerstone for sustainable energy initiatives, reinforcing Europe’s commitment to reducing its carbon footprint and securing cleaner, more efficient energy sources for future generations.

By Vafa Guliyeva