Bucharest to host Caspian-Black Sea green energy corridor talks

BAKU, Azerbaijan, November 5. A ministerial meeting on the Caspian Sea-Black Sea-Europe Green Energy Corridor project will be held in Bucharest.

According to a statement by Green Energy Corridor Company (GECO), which is responsible for developing the project, the company's Board of Directors held a regular meeting to review recent progress and outline the next steps in its implementation.

"The Board reviewed the outcomes of the investment forum held in Baku on October 22, which brought together potential investors, international financial institutions and partners. The strong interest shown in the project during the forum confirms its strategic importance for regional energy security and the green transition," the company said.

The Board also approved the new composition of the Board of Directors and the appointment of a new CEO.

"Preparations for the upcoming ministerial meeting, scheduled for late November in Bucharest, were discussed. At the meeting, partner countries will review progress and agree on further steps. The Board also outlined the next steps toward achieving financial close for the project, including continued engagement with investors and financial institutions," the statement said.

The Caspian-Black Sea-Europe Green Energy Corridor is a cross-border electricity transmission project involving Azerbaijan, Georgia, Romania and Hungary. It was established under a strategic partnership agreement signed in Bucharest on Dec. 17, 2022, with the participation of the European Commission. It envisages a transmission corridor with a total capacity of 3.9 gigawatts (GW), comprising three lines, each with a capacity of 1.3 GW.

The project is being developed by Green Energy Corridor Power Company (GECO), a Bucharest-registered joint venture owned by the national transmission system operators of the four countries. Azerbaijan's AzerEnerji, Georgia's Georgian State Electrosystem, Romania's Transelectrica and Hungary's MVM each hold a 25% stake in the company.

It is included in the European Network of Transmission System Operators for Electricity's (ENTSO-E) Ten-Year Network Development Plan (TYNDP) for 2026 under project numbers 1248 and 1244.

Total investment in the project is estimated at €14.3 billion, including €14.3 billion for electricity transmission infrastructure and €7.8 billion for renewable energy generation capacity.

The corridor is expected to reach its full transmission capacity by 2040. The results of the feasibility study were presented in Baku on Oct. 22, 2026.