World Bank, Green Energy Corridor set concrete steps for further cooperation

The World Bank (WB) and the Green Energy Corridor (GECO, Black Sea Energy) joint venture, part of the Caspian-Black Sea-Europe green energy export initiative, have agreed on concrete steps to enhance cooperation and establish a clear action plan.

During an online meeting, both parties reviewed the current status of the project, discussed key developments, and aligned on next steps to strengthen collaboration and structure the way forward, Caliber.Az reports via local media.

The WB expressed interest in supporting strategic regional energy connectivity and the Green Energy Corridor’s development.

In 2022, Azerbaijan, Georgia, Romania, and Hungary signed a strategic partnership agreement in Bucharest to develop and transmit green energy, marking a major step toward creating a green energy corridor to Europe.

On July 25, 2023, Georgia, Hungary, Romania, and Azerbaijan signed a memorandum of understanding to establish a joint venture for the Caspian-Black Sea-Europe green corridor project.

The Black Sea submarine cable project is a significant infrastructure effort that will directly connect Georgia and Romania, linking the power systems of the South Caucasus and Southeastern Europe. The cable will span 1,155 km (1,115 km underwater and 40 km on land), operate at 525 kV, and have a capacity of 1,300 MW. Completion is planned for 2032.

By Jeyhun Aghazada