Transelectrica signs memorandum for the initiation of the procedures for the establishment of the Joint Venture company for the Green Energy Corridor

In the application of the Agreement between the Governments of the Republic of Azerbaijan, Georgia, Romania and Hungary regarding the Strategic Partnership in the field of Green Energy Development and Transport – the “Green Energy Corridor” Project, Transelectrica and the other relevant parties designated at the level of each state, respectively AzerEnerji JSC, Georgian State Electrosystem and MVM Zrt., signed a Memorandum of Understanding by which they agree to make the necessary efforts to undertake the steps regarding the establishment of a Joint Venture type company, based in Romania.

The Joint Venture type company for the establishment of which the start of the establishment steps was approved would ensure the implementation of the Green Energy Corridor project, in accordance with the agreement between the Governments of the states of Azerbaijan, Georgia, Romania and Hungary.

The memorandum signed in Bucharest between CNTEE “Transelectrica” SA, AzerEnerji JSC, Georgian State Electrosystem and MVM Zrt., lays the foundations for the general framework of understanding of the four relevant parties regarding the initiation of procedures for the establishment of the Joint Venture type company, provided that obtaining prior statutory agreements incident to each individual company.

The Green Energy Corridor is an ambitious project agreed by the governments of Azerbaijan, Georgia, Romania and Hungary, with the support of the European Commission, which will integrate regional energy capacity and provide electricity at competitive prices from renewable sources, in line with current energy transition objectives at the level of the European Union.

CNTEE “Transelectrica” SA, designated by the Government of Romania as a relevant party in this project, collaborates closely with the other relevant parties from the partner states in order to achieve the objective of this extremely complex project, namely the evaluation of the potential for production and exchange of clean energy in the area Caucasus/Europe and related infrastructure design considering technical, economic and regulatory aspects.