BAKU, Azerbaijan, May 6. The secretariat overseeing the implementation of the Caspian-Black Sea-EU perspective green energy export project will be based in Baku and supervised by the Azerbaijan Renewable Energy Agency (AREA) under the Ministry of Energy, Trend reports via AREA.
“The realization of this project can strengthen the energy security of the countries involved in it, as well as the ties between these countries and their economies,” AREA said.
On May 1st, in Tashkent, Azerbaijan, Kazakhstan, and Uzbekistan signed a Memorandum of Cooperation on integrating their energy systems to export green energy to Europe via the Caspian Sea, Azerbaijan, Georgia, and the Black Sea to Romania, Hungary, and potentially other EU countries.
The parties decided in Tashkent to create a pre-feasibility study for the project, which will link Azerbaijan, Kazakhstan, and Uzbekistan's energy industries. This study will build a commercial model for international transmission corridors and sell green energy to EU members. They will hire international specialists to evaluate project technical and economic conditions.
Initial estimates suggest that Azerbaijan and Georgia, as part of the Black Sea Energy project, have the potential to transport 2 GW of green energy to the EU, with potential for expansion. We expect to complete the feasibility study for this segment in 2024.
Both the Asian Development Bank and the European Bank for Reconstruction and Development have expressed interest in financing the project. The final cost will be determined after the completion of the feasibility study.
The project has received a positive reception from the European Commission.
