BUCHAREST – A pivotal agreement to establish a Green Energy Corridor connecting Azerbaijan, Georgia, Romania, and Hungary was signed on Thursday at the 8th Ministers/Steering Committee meeting held in Bucharest. This new joint venture marks a significant step in enhancing green energy transmission across these nations.

According to Azeri-Press News Agency, the meeting saw the participation of key representatives including Azerbaijan’s Minister of Energy Parviz Shahbazov, Romania’s Ministers Sebastian-Ioan Burduja and Secretary Mircea Abrudean, Georgia’s First Deputy Prime Minister and Minister of Economy and Sustainable Development Levan Davitashvili, and Hungary’s Minister of Foreign Affairs and Trade Peter Szijjarto. Additional representatives from Bulgaria, the European Commission, various transmission system operators, and CESI were also present. The “Shareholders’ Agreement” was signed among the national system operators—Azerenerji, Georgian State Electrosystem, Transelectrica, and MVM—to formalize the establishment of the Joint Venture headquartered in Bucharest.

The agreement builds on the foundational “Agreement on Strategic Partnership for the Development and Transmission of Green Energy” previously signed on December 17, 2022. Minister Shahbazov highlighted on his X account that the joint venture, JV-Green Energy Corridor, will be pivotal in implementing the Quadrilateral Agreement and transforming Azerbaijan into a significant green energy supplier for Europe. Key aspects of the agreement include a rotational leadership for the JV, drafting of an action plan to accelerate project development, and the integration of Bulgaria into the corridor. The sides also expressed their support for a high-level event dedicated to this project at the upcoming COP29 Climate Leaders Summit.