BAKU, Azerbaijan, November 9. Green Energy Corridor Power Company (GECO) has successfully submitted an application to the European Commission to have the “Green Energy Corridor” (GEC) project recognized as a Project of Mutual Interest under the EU’s Trans-European Energy Networks (TEN-E) regulation, the statement from GECO says.
Furthermore, the statement notes that the “Green Energy Corridor” will create a new route for supplying electricity from renewable sources in the Caspian region to European markets: “It will connect Azerbaijan, Georgia, Romania, and Hungary via a high-voltage direct current (HVDC) subsea cable laid across the Black Sea, as well as the corresponding onshore infrastructure.”
According to GECO, obtaining the status of a project of mutual interest will confirm the project’s strategic importance for the EU and its partners.
“In addition, this will expand opportunities for receiving support from the EU, simplify permitting procedures, and strengthen investor confidence as the project progresses through the development phase.
The submission of the application was the result of close cooperation among GECO’s shareholders: Azerenerji, Georgian State Electrosystem, Transelectrica, and MVM. We are grateful to them for their hard work, as well as for the ongoing support from the governments of Azerbaijan, Georgia, Romania, and Hungary, the European Commission, and our technical partners.
We look forward to the next stage of the application evaluation process and to continuing our work toward creating a secure, diversified, and decarbonized energy future for the region and Europe," GECO stated.
