The project company will implement the Green Corridor project, namely a direct current high voltage underwater cable which will connect Romania to Georgia through the Black Sea, the connection being extended in Hungary and Azerbaijan.
“This is essential to strengthen the national and regional energy security, to increase the connectivity in the Black Sea basin, to diversify the supply sources, to improve the potential for renewable energy production and to increase the share of renewable energy in the national energy mix,” as per a press statement.
The agreement of the shareholders was concluded by the Company in order to apply the Agreement between the Governments of the Republic of Azerbaijan, Georgia, Romania and Hungary regarding the Strategic Partnership in the Green Energy Transmission and Development field, Green Energy Corridor project, as a result of the Memorandum of Understanding signed on May 27, 2024 in Bucharest.