Baku:The Green Energy Corridor From Feasibility Study to Implementation Forum was held in Baku, presenting the feasibility study results of the Caspian-Black Sea-Europe Green Energy Corridor project to international investors, financial institutions, and business partners for the first time. The forum focused on the project's investment attractiveness, business model, financing opportunities, and the establishment of new partnerships, aiming to accelerate preparations for the final investment decision in 2029.
According to Azerbaijan State News Agency, the forum gathered representatives from various sectors, including government institutions from Azerbaijan and partner countries, the European Union, and multiple international financial institutions and companies. Participants included the World Bank, European Investment Bank, and Asian Development Bank, among others. Minister of Energy Parviz Shahbazov emphasized the strategic importance of the project for regional energy security and its role in Azerbaijan's energy policy. The project was confirmed as technically feasible and economically attractive, with political support reaffirmed by European Commission President Ursula von der Leyen during a recent visit to Baku.
The Green Energy Corridor, approximately 3,000 kilometers long, is expected to be commissioned in phases starting in 2032, with a transmission capacity reaching 4 GW. The project aims to develop at least 8 GW of renewable energy capacity in the region and transmit approximately 20 billion kilowatt-hours of electricity annually to Europe from 2040. The forum highlighted the deployment of advanced technological solutions for laying submarine cables in the Black Sea and discussed a hybrid business model for the project's commercial viability. The involvement of international financial institutions, private investors, and long-term commercial agreements is crucial for reaching the final investment decision.
The forum included six thematic sessions, covering various aspects such as the feasibility study results, business model and investment opportunities, off-take and market opportunities, financing, risk and insurance, and technology and supply chain. Notably, Jan De Nul presented a new cable technology applicable at depths exceeding 4,000 meters, which could potentially be used in the project with the appropriate financing mechanism. The forum concluded with agreements on the next steps for preparing the Partnership Roadmap and adopting the Final Investment Decision for the Green Energy Corridor Project.