The registration of the joint venture Green Energy Corridor Power Company (GECO POWER COMPANY) has been successfully completed in Bucharest, Romania, as reported by the Ministry of Economy and Sustainable Development.
This company, formed by the transmission system operators of Georgia, Azerbaijan, Romania, and Hungary, will focus on research and design for the Green Energy Corridor project, which involves constructing a high-voltage submarine transmission cable in the Black Sea.
To advance this initiative, the governments of Azerbaijan, Georgia, Romania, and Hungary signed a Memorandum of Understanding on July 25, 2023, outlining the principles for establishing the joint venture.
“The Black Sea Submarine Cable Project is the largest infrastructure initiative directly connecting the power systems of Georgia and Romania, and more broadly linking the South Caucasus with Southeastern Europe. The submarine cable will span over 1,155 kilometres (1,115 kilometres underwater and 40 kilometres on land), operate at a voltage of 525 kV, and have a capacity of 1,300 MW. The project will also include a fibre-optic telecommunications cable along the same corridor, with completion expected by 2030. A feasibility study conducted by the Italian consulting firm CESI confirmed the project’s technical and economic viability.
This project enhances national and regional energy security, strengthens Black Sea connectivity, diversifies energy sources, and boosts renewable energy production and integration. It also promotes competitively priced electricity generation from renewable sources.
The project is included in the ENTSO-E 10-Year Network Development Plan (2024–2034). In November 2024, it was submitted to the European Commission for recognition as a Project of Common Interest, underscoring its role as a key cross-border energy infrastructure linking the EU with non-EU countries.
The Green Energy Corridor Power Company (GECO POWER COMPANY) oversees the project, with equal ownership shared among JSC Azerenerji (Azerbaijan), JSC Georgian State Electrosystem (Georgia), MVM Energy Private Limited Company (Hungary), and National Power Grid Company Transelectrica S.A. (Romania).
According to the Ministry of Economy and Sustainable Development, all stakeholders hold equal shares and participate equally in the company’s management.
