WB reaffirms support for green energy corridor linking Caspian Sea, Black Sea, Europe

World Bank’s (WB) Regional Director for the South Caucasus Rolande Pryce has reaffirmed the commitment to advancing the green energy corridor initiative that connects the Caspian Sea, Black Sea, and Europe. 

She made these remarks during the recent ministerial meetings in Baku, which were part of the Advisory Councils on the Southern Gas Corridor and Green Energy, Caliber.Az reports via local media.

Pryce highlighted the WB’s active role in the project, emphasizing the involvement through private sector investments. "The World Bank has initiated investments aimed at developing the 'green energy corridor.' In March 2025, the AZURE project was approved, which aims to ensure the reliable integration of 1.8 GW of variable renewable energy generation into the national energy system," she explained. 

Further elaborating on the WB’s contributions, Pryce noted the bank’s investments in various generation projects, including harnessing the significant hydroelectric potential of Central Asia. She also pointed to a key milestone for Georgia: "In May 2024, the first phase of the program to support the Georgian government was approved as a partner in the implementation of an underwater cable project across the Black Sea. This project is a key component of the trans-European power transmission network, connecting the production of green energy to the European market." 

Pryce stressed that the successful realization of the green energy corridor requires a comprehensive and coordinated approach. “This includes the participation of both public and private entities, conducting commercial, technical, economic, environmental, and social studies, as well as the necessary investments in generation and transmission infrastructure in the participating countries," she said. 

She further emphasised that the WB, along with its subsidiaries such as the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), has the expertise to drive this project forward. "We look forward to further deepening our cooperation," she concluded.

In addition, Pryce spoke about the growing importance of the Southern Gas Corridor (SGC) project. "The World Bank is proud to have provided a $400 million loan for the construction of the Trans Anatolian Natural Gas Pipeline (TANAP), one of the key segments of the Southern Gas Corridor. While our financial contributions are relatively modest compared to the overall needs of this ambitious and effective initiative, they have helped stimulate financing from other international financial institutions and attracted private capital," she noted. 

Pryce also underscored the necessity of substantial investments in regional energy sector initiatives, highlighting the importance of collaboration with the private sector. “Cooperation with the private sector is critical to the success of these initiatives, and we are committed to fostering such partnerships,” she added.

By Naila Huseynova